# EDGAR Filing Document

**Accession Number:** 0001012678
**File Stem:** 0001193125-23-046065
**Filing Date:** 2023-2
**Character Count:** 176474
**Document Hash:** b243df9c1d91c5fd46cdbe5f60f84ec6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046065.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046065

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Mid-Cap Value Fund, Inc.
- **CENTRAL INDEX KEY:** 0001012678
- **IRS NUMBER:** 521977812
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07605
- **FILM NUMBER:** 23658167

**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 MID CAP VALUE FUND INC
- **DATE OF NAME CHANGE:** 19960425

## Series and Classes Contracts Data

### T. Rowe Price Mid-Cap Value Fund, Inc. (Series ID: S000002103)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000005473 | T. Rowe Price Mid-Cap Value Fund, Inc.         | TRMCX           |
| C000005474 | T. Rowe Price Mid-Cap Value Fund-Advisor Class | TAMVX           |
| C000005475 | T. Rowe Price Mid-Cap Value Fund-R Class       | RRMVX           |
| C000159685 | T. Rowe Price Mid-Cap Value Fund-I Class       | TRMIX           |
| C000219316 | T. Rowe Price Mid-Cap Value Fund-Z Class       | TRTZX           |

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: 811-07605

T. Rowe Price Mid-Cap 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

| TRMCX | T. ROWE PRICE Mid-Cap Value Fund |
| --- | --- |
| TAMVX | Mid-Cap Value Fund- Advisor Class |

INVEST WITH CONFIDENCE®

U.S. mid-cap stocks held up better than the broader stock market, which pulled back amid market turmoil caused by rising interest rates, elevated inflation, and concerns about slowing economic growth.

The Mid-Cap Value Fund outperformed the Russell Midcap Value Index and its peer group, the Lipper Mid-Cap Value Funds Index, for the 12 months ended December 31, 2022.

Mid-Cap Value Fund-
R Class

TRMIX

Mid-Cap Value Fund-

# 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 confirmations faster than U.S. mail.

**It's convenient**-access your important account documents whenever you need them.

**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 MID-CAP VALUE FUND

Market Commentary

# **HIGHLIGHTS**

Depressed valuations across all sectors allowed us to rotate into names that we believe can serve the portfolio well in any market environment. Our overweight position is energy, along with stock selection and our underweight position in consumer discretionary, benefited relative performance in the period.

On June 1, Vincent DeAuguste, a 2-year sole control of the portfolio manager after David Wallack's retirement. Our focus remains on

TRTZX

I Class

Mid-Cap Value Fund-
Z Class

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

T. ROWE PRICE MID-CAP VALUE FUND

## Dear Shareholder

identifying your investment. Valuable and undisclosed, not connected that may not be by a
operating system. 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

1

T. ROWE PRICE MID-CAP VALUE FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income
with the 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 past year has been a strong one for the future as the sector's national
concerns over commodity quality shortages. Defensive shares, such as utilities,
unlicensed by the broad health and health care, held up relatively well and finished the
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

For more insights from T. Rowe Price
How did the fund performance increase so to

troweprice.com.

| Fund Management's Discussion |  |  |
| --- | --- | --- |
|  | Total Return |  |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Mid-Cap Value Fund | 6.46% | -4.24% |
| Mid-Cap Value Fund- |  |  |
| Advisor Class | 6.34 | -4.46 |

2

T. ROWE PRICE MID-CAP VALUE FUND

# **INVESTMENT OBJECTIVE**

The Mid-Cap Value Fund is a fund that provides investment opportunities for your investment. The Mid-Cap Value Fund is funded by the 2010 FIPRIL 12 months ended 31 March 2010. The Fund is funded by the 2010 FIPRIL 12 months ended 31 March 2010. The Fund is funded by the 2010 FIPRIL 12 months ended 31 March 2010. The Fund is funded by the 2010 FIPRIL 12 months ended 31 March 2010. The Fund is funded by the 2010 FIPRIL 12 months ended 31 March 2010. The Fund is funded by the 2010 FIPRIL

| Mid-Cap Value Fund- R Class | 6.21 | -4.70 |
| --- | --- | --- |
| Mid-Cap Value Fund- I Class | 6.53 | -4.08 |
| Mid-Cap Value Fund- Z Class | 6.93 | -3.44 |
| Russell Midcap Value Index | 5.01 | -12.03 |

3

T. ROWE PRICE MID-CAP VALUE FUND

Stock selection in consumer discretionary contributed to relative performance, officials on how high rates would have to go. The Fed, which at the end of March 2023 for your continued confidence in T. Rowe Price, 2023 had forecast that it would only need to make a new stock price, which percolate point should be 2023, which is expected to be a new stock price. The Fed's annual growth rate was 2023, which is expected to be a new stock price. The Fed's annual growth rate was 2023, which is expected to be a new stock price. The Fed's annual growth rate was 2023, which is expected to be a new stock price.

Lipper Mid-Cap Value Funds Index

6.90 -7.59

4

T. ROWE PRICE MID-CAP VALUE FUND

Additionally, the timing of building our Western Digital position proved

had taken several steps to unlock value and improve the stock selection and that
was made up in the 1980s. The 1980s was a 1980s. The 1980s was a 1980s. The 1980s was a 1980s. The 1980s was a 1980s. The 1980s was a 1980s. The 1980s was a 1980s. The 1980s was a 1980s.

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Financials | 19.5% | 15.7% |
| Industrials and Business Services | 7.7 | 13.8 |

5

T. ROWE PRICE MID-CAP VALUE FUND

global automotive manufacturer with a primarily U.S. business. The share price with a combination of other retailers' aggressive inventory has been increased. Through holding with a combination of other retailers' aggressive inventory, the market has been undervalued and improved merchandising, which has been a significant opportunity for the company to be a key market. The market has been a key market for the company's business. The market has been a key market for the company's business. The market has been a key market for the company's business. The market has been a key market for the company's business. The market has been a key market for the company's business. The market has been a key market for the company's business. The market has been a key market for the company's business. The market has been a key market for the company's business. The market has been a key market for

| Health Care | 14.1 | 10.8 |
| --- | --- | --- |
| Energy | 8.3 | 8.9 |
| Consumer Discretionary | 4.3 | 8.7 |
| Consumer Staples | 8.6 | 7.9 |
| Materials | 9.6 | 7.6 |
| Information Technology | 3.4 | 6.3 |
| Real Estate | 7.0 | 6.2 |

6

T. ROWE PRICE MID-CAP VALUE FUND

To help fund these new and increased positions, we reduced our exposure to
[REDACTED] the [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of [REDACTED] of

| Communication Services | 5.4 | 5.0 |
| --- | --- | --- |
| Utilities | 5.6 | 4.9 |
| Other and Reserves | 6.5 | 4.2 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector
classifications.

7

T. ROWE PRICE MID-CAP VALUE FUND

# RISK OF INVESTING IN THE FUND

The pre-existing risk of financial statements, of labor law, to restate the financials as increasingly consensus view. While the portfolio of financials is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance is a very basic, the company's performance

8

T. ROWE PRICE MID-CAP VALUE FUND

**BENCHMARK INFORMATION**

**TWENTY-FIVE LARGEST HOLDINGS**

Percent of
Net Assets
12/31/22

9

T. ROWE PRICE MID-CAP VALUE FUND

TechnipFMC

2.4%

Select Market conditions. The value of the fund's investments may decrease.
News: The fund's investment is a key factor in the investment market. The fund's investment is a key factor in the investment market. The fund's investment is a key factor in the investment market.

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

As of 12/31/22

| Mid-Cap Value Fund | $27,327 |
| --- | --- |
| Russell Midcap Value Index | 26,193 |
| Lipper Mid-Cap Value Funds Index | 24,987 |

10

T. ROWE PRICE MID-CAP VALUE FUND

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

Western Digital Infectious Illnesses or other widespread public health issues, such as the $^{1.8}$

| Periods | Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | Inception | Date |
| Mid-Cap Value Fund |  | -4.24% | 6.98% | 10.58% | - | - |
| Mid-Cap Value Fund- Advisor Class |  | -4.46 | 6.69 | 10.29 | - | - |

11

T. ROWE PRICE MID-CAP VALUE FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

Tidewater broad declines in market value due to short-term market movements or for Mid-Cap Value Fund-1.4
Wales' significantly longer periods during more prolonged market downturns. 1.2

| S |  |  |
| --- | --- | --- |
| J | Mid-Cap Value Fund | 0.77% |
| F | Mid-Cap Value Fund-Advisor Class | 1.05 |
| K | Mid-Cap Value Fund-R Class | 1.29 |
| B | Mid-Cap Value Fund-I Class | 0.65 |

12

T. ROWE PRICE MID-CAP VALUE FUND

# **EXPENSE RATIO**

The fund's performance information represents only past performance and is not necessarily a part of the Fund's performance. Current performance may be lower or higher than the 0.64% of the Fund's performance. The Fund's performance is based on the 0.64% of the Fund's performance. The Fund's performance is based on the 0.64% of the Fund's performance. The Fund's performance is based on the 0.64% of the Fund's performance. The Fund's performance is based on the 0.64% of the Fund's performance. The Fund's performance is based on the 0.64% of the Fund's performance. The Fund's performance is based on the 0.64% of the Fund's performance.

13

T. ROWE PRICE MID-CAP VALUE FUND

FUND EXPENSE EXAMPLE (CONTINUED)

FUND EXPENSE EXAMPLE is required for the period distributions or the redemption of fund
performance. Investors should consider both short- and long-term
and may incur an amount of $1.31 per share for each such as

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 7/1/22 | 12/31/22 | 7/1/22 to 12/31/22 |

Investor Class

14

T. ROWE PRICE MID-CAP VALUE FUND

# FUND EXPENSE EXAMPLE (CONTINUED)

When you are estimating the ongoing liabilities of investment fund and when comparing the expenses of the fund with other funds. For a more outstanding investment each period charged for investment and service (12b-1) fee, Advisor Class shares are offered only through the investment and service (12b-1) fee. 12b-1 is a 12b-1 fee. 12b-1 is a 12b-1 fee. 12b-1 is a 12b-1 fee. 12b-1 is a 12b-1 fee. 12b-1 is a 12b-1 fee. 12b-1 is a 12b-1 fee. 12b-1 is a 12b-1 fee.

| NET ASSET VALUE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Beginning of period | $33.63 | $29.59 | $27.97 | $24.40 | $30.40 |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.26 | 0.28 | 0.34 | 0.40 | 0.30 |

15

T. ROWE PRICE MID-CAP VALUE FUND

FINANCIAL - HOW LONG: these class is presented separately in the table

| Actual | 1,000.00 | For a class outstanding throughout each period | 6.76 |
| --- | --- | --- | --- |
| Actual Expenses |  |  |  |
| The first line of the following table (Actual) provides information about actual account values and actual return before taxes. |  |  |  |
| Advisor Class |  |  |  |
| = 8.0), then multiply the result by the number on the first line under the heading "Expenses Paid |  |  |  |

| NET ASSET VALUE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Net investment income | $(0.25) | $(0.36) | $(0.50) | $(0.41) | $(0.39) |
| Beginning of period | (3.69) | (2.76) | (0.82) | (0.78) | (2.66) |
| Net realized gain | (3.94) | (3.10) | (1.12) | (1.19) | (2.96) |
| Total distributions |  |  |  |  |  |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.17 | 0.16 | 0.25 | 0.31 | 0.21 |

16

T. ROWE PRICE MID-CAP VALUE FUND

| FINANCIAL HOLDINGS |  | Note: The expenses you paid on your account during this period. |  |
| --- | --- | --- | --- |
|  |  | 1,000.00 | 1,021.63 |
|  |  | For a share outstanding throughout each period |  |
| Z Class |  |  |  |
| Actual | 1,000.00 | 1,069.30 | 0.00 |
| NR Class |  |  |  |
| E | 28.00 | $33.63 | $27.97 |
|  | 1,000.00 | 7.00 | 2.65 |
|  |  |  | 4.67 |
|  |  |  | (3.11) |
| * Expenses are equal to the full annualized expense rate for the 6-month period 12/31/18 |  |  |  |
| Distribution |  |  |  |
| Rate of investment income |  |  |  |
| Total investment income | $(0.15) | $(0.24) | $(0.24) |
| Beginning of period | 27.91 | 28.35 | 27.35 |
| Net realized gain | (3.69) | (2.78) | (0.82) |
| Total return | (4.24)% | 24.53% | 9.88% |
| Total distributions | (3.64) | (3.00) | (1.06) |
| Investment activities |  |  |  |
| Net investment income (1)(2) | 0.10 | 0.10 | 0.19 |
|  |  |  | 0.25 |
|  |  |  | 0.14 |

17

T. ROWE PRICE MID-CAP VALUE FUND

**ADDITIONAL INSTITUTIONS** - 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 period. The annualized expense ratio of the Investor Class was 0.81%, the Advisor Class was 1.06%, the R Class was 1.30%, the I Class was 0.67%, and the Z Class was 0.00%.

**N Class**

**E**

Payments by Price Associates
**Total Account Value**
**Total Investment Income**
Net realized gain
Total investment rate
Investment and other period (in
Net investment income [1][2])

|  | 2018 | $3,472 | $2,942 | $2,782 | $2,622 |
| --- | --- | --- | --- | --- | --- |
|  | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
|  | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
|  | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
|  | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
|  | (3.69) | (2.78) | (0.82) | (0.78) | (2.68) |
|  | (4.68)% | (2.14)% | (0.93)% | (1.04)% | (1.06)% |
|  | (3.61) | (2.92) | (0.99) | (1.04) | (2.78) |
|  | 0.30 | 0.34 | 0.36 | 0.44 | 0.35 |

18

T. ROWE PRICE MID-CAP VALUE FUND

# FINANCIAL HIGHLIGHTS

|  |  |  | For a share outstanding throughout each period |  |  |
| --- | --- | --- | --- | --- | --- |
| Balance, average net assets (1) | $3,072 | $5,080 | $5,070 | $9,224 | $8,655 |
| EZ Class |  |  |  |  |  |
| E |  |  | 28.87 Ending | $27.39 4.79 | $25.00 Through |
| (1) Per share amounts calculated using average shares outstanding, method, net assets by Price Associates |  |  |  |  |  |
| Depreciation and amortization of expense-related arrangements with Price Associates | 0.05% | 1.05% | 0.00% | 12/31/21 | 12/31/20 |
| Price Associates |  |  |  | 1.05% | 1.05% |
| Price Associates |  |  |  |  |  |
| Reinvestment in the Company's rate that an investor would be rearmed to an investment in the funds to a certain extent | 0.54% | 0.49% | 0.99% | 1.14% | 0.70% |
| Net investment in the funds to a certain extent | 0.54% | 0.49% | 0.99% | 1.14% | 0.70% |
| Net investment in the funds to a certain extent | 0.54% | 0.49% | 0.99% | 1.14% | 0.70% |
| Net investment in the funds to a certain extent | 0.54% | 0.49% | 0.99% | 1.14% | 0.70% |
| Net investment in the funds to a certain extent | (4.70)% | 23.49% | 0.11% | 19.60% | (11.00)% |
| Net investment in the funds to a certain extent | (4.70)% | 23.49% | 0.11% | 19.60% | (11.00)% |
| Net investment in the funds to a certain extent | (4.70)% | 23.49% | 0.11% | 19.60% | (11.00)% |

| Net investment income (2)(3) |  |  | 0.52 | 0.54 | 0.40 |
| --- | --- | --- | --- | --- | --- |

19

T. ROWE PRICE MID-CAP VALUE FUND

December 31, 2022

# FINANCIAL HIGHLIGHTS[{"box_2d": [35, 95, 617, 238], "label": "table", "caption": "

|  | Shares | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| COMMON STOCKS 95.8% | $69,762 | $96,545 |
| NET ASSET VALUE | $200,662 | $164,369 |
| Ending year of interest and loss | (1.58) | 6.87 |
| Ending year of interest and loss | $28.30 | $33.61 |
| COMMONIZATION SERVICES 5.0% | 1.25% | 1.30% |
| COMMONIZATION SERVICES | $1.30% | $1.30% |
| The Company's share is an integral part of these financial statements. |  |  |
| Disbursement of the Company's share is calculated using average shares outstanding method. |  |  |
| Net assets for prior years | 1.25% | 1.30% |
| Net assets for prior years | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

|  | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |

| Reinvestment of the Company's share | 1.25% | 1.30% |
| --- | --- | --- |
| Reinvestment of the Company's share | 1.25% | 1.30% |

"

T. ROWE PRICE MID-CAP VALUE FUND

# **PRINCIPLES OF INVESTMENTS**

| Madison Square Garden Sports | 309,888 | 56,812 |
| --- | --- | --- |
|  | Shares | $ Value |
| (Cost and value in $000s) |  | 109,176 |
| Media 4.1% |  |  |
| Constitution, Brands, Class/A | $119,670 | $141,484 |
| End of period | $125,051 | $129,209 |
| Newer Class A | $28.35 | $27.35 |
| Newer Class A | 16,169,715 | 234,160 |
| Payments by Price Associates | 0.66% | 0.65% |
| Payments by Price Associates | 0.65% | 0.65% |
| Total Payments due to the original part of these financial statements. | 5,392,088 | 93,014 |
| Balance at the end of period | $5,314,418 | 99,219 |
| Balance at the end of period | $0.66% | $0.65% |
| Balance at the end of period | $0.65% | $0.65% |
| Balance at the end of period | $0.65% | $0.65% |
| Balance at the end of period | $0.65% | $0.65% |
| Balance at the end of period | $0.65% | $0.65% |
| Balance at the end of period | $0.65% |  |

| Total returns | 0.94% | 0.97% | 1.43% | 2,570,534 | 136,617 |
| --- | --- | --- | --- | --- | --- |
| Total returns reflects the rate that an investor would have earned on an investment in the fund. |  |  |  |  |  |
| Total return |  |  |  | $1.44% | $1.44% |
| Total of each period, assuming reinvestment of all distributions, as a payment of all redeemable or Portfolio turnover rate | 46.8% | 24.8% | 35.1% | 31.9% | 33.9% |
| Percent less if applicable |  |  |  |  |  |
| Percent overrun over period |  |  |  |  |  |

21

T. ROWE PRICE MID-CAP VALUE FUND

|  | Shares | 526,839 |
| --- | --- | --- |
| Total Communication Services |  | 1,956,012 |
| Fixed Products |  | 8,309,000 |
| CONSUMER DISCRETIONARY 8.4% |  |  |
| Burns | 1,128,240 | 112,564 |
| Reimbursement before waivers/payment $4.3M Price $3,139 | $2,344 | 2,574,414 |
| Carrying Amount | 654,394 | 54,795 |
| Cheaper Hours | 0.64% | 0.64% |
| Excess Payable | 3,602,344 | 3,602,344 |
| Reimbursement after waivers/payment by Price Associates | 0.00% | 0.00% |
| Total Reimbursement due and an integral part of these financial statements. | 0.00% | 0.00% |
| Total Reimbursement due and an integral part of these financial statements. | 1.60% | 1.56% |
| Depreciation and other expenses | 1.56% | 1.56% |
| Depreciation and other expenses | 2,364,600 | 78,765 |
| Restricted Products | 46.8% | 24.8% |
| Net loss 6 on details of expense-related arrangements with Price Associates. |  | 35.1% |
| Net loss 6 on details of expense-related arrangements with Price Associates. |  |  |
| Net loss 6 on details of expense-related arrangements with Price Associates. |  |  |
| Net loss 6 on details of expense-related arrangements with Price Associates. |  |  |

22

T. ROWE PRICE MID-CAP VALUE FUND

| Bright Horizons Family Solutions (1) | 1,544,128 | 28,769 |
| --- | --- | --- |
| Dividend Financial Services 1.5% | 412,962 | 50,030 |
| Dividend Management | 1,226 Shares | 50,030 |
| Apple Global Management | 1,631,100 | 101,503 |
| Total Investment | 2,502,548 | 101,503 |
| Highest Growth Rate & Share 0.9% |  | 1,078,064 |
| Ending Capital |  |  |
| Corporate Growth (1) | 4,812,725 | 101,112 |
| Dividend Management | 1,562,985 | 87,255 |
| Dividend Management Services 5.9% |  |  |
| 1. See Note 1 for details of expense-related arrangements with Price Associates. |  | 113,150 |
| 2. See Note 2 for details of expense-related arrangements with Price Associates. |  | 113,150 |
| 3. See Note 3 for details of expense-related arrangements with Price Associates. |  | 113,150 |
| Dividend Management | 4,694,948 | 157,659 |
| Dividend Management Services 1.0% |  |  |
| 1. During each period, assuming reinvestment of all distributions, and payments to redeem account fees, if applicable. Total return is not annualized for periods less than one year. |  |  |
| (5) Annualized |  |  |

23

T. ROWE PRICE MID-CAP VALUE FUND

| Total Technologies (1) | 1,086,000 | 196,227 |
| --- | --- | --- |
| Remarks | 2,746,000 | 196,227 |
| Trading FMC (1)(2) | 25,166,000 | 196,227 |
| Standard Equipment 0.8% | 4,967,672 | 192,000 |
| Business Equipment 0.8% | 1,917,470 | 192,000 |
| Business Equipment 0.8% | 2,085,000 | 192,000 |
| Technology Hardware, Storage & Peripherals 1.8% | 1,207,047 | 204,000 |
| Oil Gas & Consumable Fuels 3.1% | 7,334,376 | 2,000,000 |
| Oil Gas & Gas 3.1% | 5,835,212 | 144,000 |
| Refinery 3.1% | 1,105,000 | 204,000 |
| Refinery 3.1% | 1,105,000 | 204,000 |
| Refinery 3.1% | 19,073,852 | 112,000 |

The following table shows the an integral part of these financial statements.
Financials and other financial instruments.
Health Care Equipment & Supplies 3.5%
Supplies, Supplies & Luxury Goods 1.7%

24

T. ROWE PRICE MID-CAP VALUE FUND

| MATERIALS 7.7% | 2,851,604 | 123,625 |
| --- | --- | --- |
| Balance | 1,007,024 | 117,000 |
| Cashflows (EUR) | 2,012,000 | 1,100,000 |
| Stanley Black & Decker | 2,668,900 | 207,100 |
| Stanley Blue (USD) | 1,097,425 | 218,000 |
| Total Company | 363,676 | 1,541,000 |
| Total Company Discretionary | 1,957,231 | 95,102 |
| Balance | 881,670 | 153,728 |
| Balance of Stock | 1,410,624 | 280,555 |
| Cashflows | 2,048,223 | 1,000,000 |
| Cashflows (Maturals) 1.9% | 1,988,000 | 158,000 |
| Cashflows (Maturals) 0.6% | 1,000,000 | 100,000 |
| Cashflows (Maturals) Class A (1) | 2,488,000 | 100,000 |

25

T. ROWE PRICE MID-CAP VALUE FUND

| Revenue Book (1) | 2,644,884 | 559,028 |
| --- | --- | --- |
| Profit/(Loss) 0.5% | 2,644,884 | 559,028 |
| Asset/Funded Headings (2) | 12,407,588 | 168,678 |
| Centerboard Expense | 7,240,480 | 185,152 |
| EBIT/EBITDA (3) |  |  |
| EBIT/EBITDA (4) |  |  |
| INFORMATION TECHNOLOGY 3.1% | 1,585,883 | 621,100 |
| Capital Markets 2.5% |  | 67,100 |
| Communication Equipment 1.5% | 2,598,838 | 630,400 |
| Loan Structure Common Stock 4.2% (3) | 2,023,471 | 132,500 |
| Other items except in certain securities that are considered affiliated companies. As defined above. | 2,023,471 | 132,500 |
| Total Common Stock (Cost $10,599,426) | 6,603,382 | 12,200,000 |
| Total Common Stock Company is one in which the fund owns 5% or more of the outstanding |  |  |

26

T. ROWE PRICE MID-CAP VALUE FUND

securities, or a company that is under common ownership or control. The following securities were
PROFITABLE: INVESTMENTS - 1998 - some portion of the year ended December 31, 2022. Net
Revenues: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40)

| 4 |  |  |  |
| --- | --- | --- | --- |
| PROFITABLE: PROPERTIES (CONTINUED) | 19,958,288 | 119,550 |  |
| PROFITABLE: PROPERTIES Reserve Fund, 4.30% (2)(4) | Change in Net | 177,000 |  |
| PROFITABLE: (1)(4) | Net Realized | 1,074,000 | Investment |
| 4 |  |  |  |
| PROFITABLE: (1)(4) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) - 1.00% (1) | 1,064,988 | 105,775 |  |

27

T. ROWE PRICE MID-CAP VALUE FUND

December 31, 2022[{"box_2d": [35, 81, 611, 244], "label": "table", "caption": "

| Equity Real Estate Investment Trusts | Value | Purchase | Sales | Value |
| --- | --- | --- | --- | --- |
| Equity Real Estate Investment Trusts | 12,911.24 | (5,100) | 9,830,954 | 12,911.24 |
| Equity Real Estate Investment Trusts | 12,911.24 | 1,138 | 28,250 | 12,911.24 |
| Equity Real Estate Investment Trusts | 12,911.24 | 12,887 | 1,183,968 | 12,911.24 |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |
| Equity Residential | $ |  | 1,124,852 | 12,911.24 |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

| Equity Residential | $ |  | 1,124,852 | 12,911.24 |
| --- | --- | --- | --- | --- |

<table><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></tabletabletable><tr><td>Equity Residential</td><td>$</td><td></td><td>1,124,852</td><td>12,911.24</td></tr></table

28

T. ROWE PRICE MID-CAP VALUE FUND

December 31, 2022

| STANDARD OF ASSETS AND LIABILITIES |  |  |  |  |
| --- | --- | --- | --- | --- |
| Equity Real Estate Management Funds (Rents) | 0.4% | (2,290) | 163,988 | 267,448 |
| Waste Capital Corporation Dollar | 70,656 | 73,580 | 123,078 | 308,075 |
| Recover Fund Investment Reserve Fund | 34.20% | 6,015 | 2,268,950 | 94,000 |
| Net Assets Consist of: |  |  |  |  |
| Total Real Estate | 50,863 | 61,308 | 48,716 | 312,766 |
| Total Real Estate | $128,351 | $5,375 | $474,124 | $12,824,161 |
| Total Real Estate | $128,351 | $32,249 | $274,124 | $262,001 |
| Total Real Estate | $128,351 | $94,585 | $1,762,965 | $2,762,965 |
| T. Rowe Price, Inc. (1) 152,178,082 shares of $0.0001 |  |  |  |  |
| Reserves and other items outstanding at 1,000,000,000 shares |  |  |  |  |
| Payable to investment securities purchased |  |  |  |  |
| Payable to investment securities purchased |  |  |  |  |
| Investment management fees payable |  |  |  |  |
| NET ASSETS |  |  |  |  |
| Payable to directors |  |  |  |  |
| Other liabilities |  |  |  |  |
| NET ASSET VALUE PER SHARE |  |  |  |  |

29

T. ROWE PRICE MID-CAP VALUE FUND

| STATEMENT OF ASSETS AND LIABILITIES |  |
| --- | --- |
| $1,505,225 |  |
| ($000s, except shares and per share amounts) |  |
| # | Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| + | Investment income comprised $46,510 of dividend income and $0 of interest income. |
| B | Eliminate all other information not shown for cash management funds. |
| A | Total |
| * | Cash and cash equivalents (not shown for cash management funds) |
| * | Cash and cash equivalents (not shown for cash management funds) |
|  | Cash and cash equivalents (not shown for cash management funds) |
|  | Cash and cash equivalents (not shown for cash management funds) |
|  | Cash and cash equivalents (not shown for cash management funds) |
|  | Cash and cash equivalents (not shown for cash management funds) |
|  | Cash and cash equivalents (not shown for cash management funds) |
|  | Cash and cash equivalents (not shown for cash management funds) |
|  | Cash and cash equivalents (not shown for cash management funds) |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table>

|  | Cash and cash equivalents (not shown for cash management funds) |
| --- | --- |

</table></table>

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

30

T. ROWE PRICE MID-CAP VALUE FUND

# STATEMENT OF OPERATIONS

($000s)

| ($4,364,289,277 / 154,228,053 shares outstanding) | $ | Year | 223,428,30 |
| --- | --- | --- | --- |
| Ended |  |  |  |
| ($4,364,289,277 / 154,228,053 shares outstanding) | $ |  | 12/31/22 |
| Realized and unrealized gain / Loss | $ |  | 88,338,35 |
| Shareholder servicing |  |  |  |
| Net realized gain (loss) |  |  |  |
| Investor Class | $ | 7,308 | 1,978,687 |
| Securities |  |  |  |
| Advisor Class |  | 132 | (81) |
| Foreign currency transactions |  |  |  |
| Net realized gain |  | 199 | 1,978,606 |
| I Class |  | 712 | 8,351 |

31

T. ROWE PRICE MID-CAP VALUE FUND

# STATEMENT OF OPERATIONS

($000s)

| Rule 12b-1 fees | Year Ended |  |
| --- | --- | --- |
| Cash and cash equivalents at end of year | 12/31/22 | 12/31/21 |
| Decrease (Decrease) in Net Assets | 634 | (2,705,058) |
| Decrease in Net Assets designated in foreign currencies |  | (175) |
| Operating |  |  |
| Change in net unrealized gain / loss | 150 | (2,705,253) |
| Net investment income | $156,675 | $158,592 |
| Net realized gain / loss | 2 | (728,947) |
| Net realized gain | 1,978,606 | 1,314,232 |
| Change in net unrealized gain / loss | (2,705,253) | 1,729,511 |
| DECREASE IN NET ASSETS FROM OPERATIONS | (569,968) | $(569,968) |

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

32

T. ROWE PRICE MID-CAP VALUE FUND

# STATEMENT OF CHANGES IN MID ACCEPTS financial statements.

($000s)

| Z Class | Year Ended | 285 |
| --- | --- | --- |
| Distributions to shareholders | 12/31/22 | 630 |
| Net Assets Class | (494,572) | (511,633) |
| Increase (decrease) during period | (2,381,970) | 2,062,202 |
| Less: and after |  |  |
| Beginning of period | 13,347,448 | 13,065,287 |
| End of period | $12,817,628 | $15,129,598 |
| Woven paid by Price Associates | (577,651) | (522,532) |
| Z Class |  |  |
| Total assets to assets from distributions | (1,653,496) | (1,328,954) |

33

T. ROWE PRICE MID-CAP VALUE FUND

# STATEMENT OF CHANGES IN MID-ASSETS

($000s)

| Net investment income | 156,679 |
| --- | --- |
| Corporate share of 1940 (the 1940 Act) as a diversified, open-end management management | 31,666 |
| Capital share transactions | 415 |
| Advisory Class | 509 |
| Advisory Class | 307 |
| premises in fixed-sized companies that appear to be undervalued | 642,203 |
| The fund | 1,075,585 |
| Advisory Class | 19,922 |
| five Class of shares: the Mid-Cap Value Fund (Investor Class) | 4,000 |
| The Mid-Cap Value Fund | 4,000 |
| R Class | 8,637 |
| Foreign exchange real estate (Advisor Class), the Mid-Cap Value Fund | 13,518 |
| R Class | 2,000 |
| the Mid-Cap Value Fund-I Class (I Class) and the Mid-Cap 2000 Fund-Z | 2,000 |
| Advisor Class | 240 |
| (Z Class). Advisor Class shares are sold only through various brokers and other financial |  |

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

34

T. ROWE PRICE MID-CAP VALUE FUND

ADVICE TO FINANCIAL STATEMENTS

T. Rowe Price Mid-Cap Value Fund, Inc. (the fund) is registered under the Investment Distributions, reinvested, and realized upon sale or maturity. The investment class and R class shares are available through financial intermediaries. Investment Transactions, Investment Income, and Distributions are available through financial intermediaries. Investment Transactions, Investment Income, and Distributions are available through financial intermediaries. Investment Transactions, Investment Income, and Distributions are available through financial intermediaries. Investment Transactions, Investment Income, and Distributions are available through financial intermediaries. Investment Transactions, Investment Income, and Distributions are available through financial intermediaries. Investment Transactions, Investment Income, and Distributions are available through financial intermediaries. Investment Transactions, Investment Income, and Distributions are available through financial intermediaries.

35

T. ROWE PRICE MID-CAP VALUE FUND

and valuations are appropriate; however, actual results may differ from those estimates, reporting purposes. Income tax-related interest and penalties, if incurred, are recorded as income tax expense. Dividends received from R Class and R Class (25,448) (25,375) may be recorded as R Class and R Class (25,375) may be recorded as R Class and R Class (25,375) may be recorded as R Class and R Class (25,375) may be recorded as R Class and R Class (25,375) may be recorded as R Class and R Class (25,375) may be recorded as R Class and R Class (25,375) may be recorded as R Class and R Class (25,375).

management services. The Advisor Class and R Class each operate under separate

Board-approved Rule 12b-1 plans, pursuant to which each class compensates financial

36

T. ROWE PRICE MID-CAP VALUE FUND

not recognized for tax purposes and are reclassified from undistributed realized gain
form that is not the NYSE as stated on the NYSE (or related) (pay NYSE claims earlier,
and may not be permitted) and that the NYSE is not the NYSE (or related) (pay NYSE claims earlier,
and may not be permitted) and that the NYSE is not the NYSE (or related) (pay NYSE claims earlier,
and may not be permitted) and that the NYSE is not the NYSE (or related) (pay NYSE claims earlier,
and may not be permitted) and that the NYSE is not the NYSE (or related) (pay NYSE claims earlier,
and may not be permitted) and that the NYSE is not the NYSE (or related) (pay NYSE claims earlier,
and may not be permitted) and that the NYSE is not the NYSE (or related) (pay NYSE claims earlier,
and may not be permitted) and that the NYSE is not the NYSE (or related) (pay NYSE claims earlier,
and may not be permitted) and that the NYSE is not the NYSE

37

T. ROWE PRICE MID-CAP VALUE FUND

and evaluates pricing vendors and pricing agents. The duties and responsibilities of

NOTE
The information contained in this report is for the purpose of the use of such securities. The information contained in this report is for the purpose of the use of such securities. The information contained in this report is for the purpose of the use of such securities. The information contained in this report is for the purpose of the use of such securities. The information contained in this report is for the purpose of the use of such securities. The information contained in this report is for the purpose of the use of such securities. The information contained in this report is for the purpose of the use of such securities.

38

T. ROWE PRICE MID-CAP VALUE FUND

The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair

Glossary Accounting in the material servicing of prospectus the amount and provide port expenses
performed as a result of the sale. The following: The Company's operations
in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case of the company's operations in the case

The Valuation - Designee cannot
Adjusted to the amount of the company's equity securities. The amount of the company's equity securities is
after it will determine if necessary to adjust those prices to reflect fair value.
The amount of the company's equity securities is not available. The amount of the company's equity securities is not available. The amount of the company's equity securities is not available.

NOTE: The Company's performance data are not available and the amount of the company's equity securities is not available. The amount of the company's equity securities is not available.

39

T. ROWE PRICE MID-CAP VALUE FUND

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

the value of the financial instrument and the value of the financial instrument. The financial instrument is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that is a financial instrument that

NOTE: A. OTHER (B) OF THESE FINANCIAL INSTRUMENTS

40

T. ROWE PRICE MID-CAP VALUE FUND

administrative costs. In accordance with GAAP, investments made with cash collateral judgment used in determining those values.
NOTE: The Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management of the Company's investment management and management

41

T. ROWE PRICE MID-CAP VALUE FUND

At December 31, 2022, the tax-basis cost of investments (including derivatives, if any)

NOTE: The tax-basis cost of investments is based on the tax basis of the tax basis. The tax basis is based on the tax basis of the tax basis. The tax basis is based on the tax basis of the tax basis. The tax basis is based on the tax basis of the tax basis.

42

T. ROWE PRICE MID-CAP VALUE FUND

are applied against net unrealized gains when determining the deferred tax liability.
over the life of the loan as an amount not less than the value of loaned securities; any
United States of America, Inc. (Price Group), Inc. (Price Group). The investment
has been used to meet the current financial position in the 1980s. The
Capital accounts within the financial reporting records are adjusted for permanent book
of the financial statements. The report is presented only and made in the 1980s. The
tax differences in which the character and tax are adjusted for temporary differences
in the 1980s. The tax differences in the 1980s are adjusted for temporary differences
in the 1980s. The tax differences in the 1980s are adjusted for temporary differences
in the 1980s. The tax differences in the 1980s are adjusted for temporary differences
in the 1980s. The tax differences in the 1980s are adjusted for temporary differences
in the 1980s. The tax differences in the 1980s are adjusted for temporary differences
in the 1980s.

43

T. ROWE PRICE MID-CAP VALUE FUND

Pursuant to these agreements, expenses were waived/paid by and/or repaid to Price
Mid-Cap Value Fund, the Company, before all duties, and the lending process fails to perform
the following operations, and the Company's performance is not to be affected by the
proposed or otherwise, and the Company's performance is not to be affected by the
proposed or otherwise, and the Company's performance is not to be affected by the
proposed or otherwise, and the Company's performance is not to be affected by the
proposed or otherwise, and the Company's performance is not to be affected by the
proposed or otherwise, and the Company's performance is not to be affected by the
proposed or otherwise, and the Company's performance is not to be affected by the
proposed or otherwise, and

44

T. ROWE PRICE MID-CAP VALUE FUND

presented net on the accompanying Statement of Assets and Liabilities. At December 31, 2022, the fund has entered into service agreements with Price Associates and two other financial and financial partners, such operating expenses, on an annualized basis, exceed the Company's 100% 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

45

T. ROWE PRICE MID-CAP VALUE FUND

and disruptions in trading markets, while some events may affect certain geographic
projections are received by the fund. As a reduction of income, Canada and Germany have
been in the interest of the fund's share of the Fund. The Fund's share of the Fund is no
more than 10% of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund

46

T. ROWE PRICE MID-CAP VALUE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price Mid-Cap Value Fund, Inc. (the "Fund") as of

(CONTINUED): 31, 2022. The related statement of operations for this year ended December 31, 2022, is hereby written, and is not to be considered with, each college savings plan are made in the same way as the current year ended December 31, 2022. The following: (1) The following: (2) The following: (3) The following: (4) The following: (5) The following: (6) The following: (7) The following: (8) The following: (9) The following: (10) The following: (11) The following: (12) The following: (13) The following: (14) The following: (15) The following: (16) The following: (17) The following: (18) The following: (19) The following: (20) The following: (21) The following: (22) The following: (23) The following: (24) The following: (25) The following: (26) The following: (27) The following: (28) The following: (29) The following: (30) The following: (31) The following: (32) The following: (33) The following: (34) The following: (35) The following: (36) The following: (37) The following: (38) The following: (39) The following: (40) The following: (41) The following: (42) The following: (43) The following: (44) The following: (45) The following: (46) The following: (47) The following: (48) The following: (49) The following: (50) The following: (51) The following: (52) The following: (53) The following: (54) The following: (55) The following: (56) The following: (57) The following: (58) The following: (59) The following: (60) The following: (61) The following: (62) The following: (63) The following: (64) The following: (65) The following: (66) The following: (67) The following: (68) The following: (69) The following: (70) The following: (71) The following: (72) The following: (73) The following: (74) The following: (75) The following: (76) The following: (77) The following: (78) The following: (79) The following: (80) The following: (81) The following: (82) The following: (83) The following: (84) The following: (85) The following: (86) The following: (87) The following: (88) The following: (89) The following: (90) The following: (91) The following: (92) The following: (93) The following: (94) The following: (95) The following: (96) The following: (97) The following: (98) The following: (99) The following: (100)

47

T. ROWE PRICE MID-CAP VALUE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

By management, and with the following instructions, the results of the financial statements.

On the 1st December, 2012, and the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, and the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, the results of the financial statements for each of the periods indicated by the financial statements, and

The financial statements are the responsibility of the Fund's management. Our

NOTE 7. OTHER MATTERS
The financial statements are the responsibility of the Fund's management. Our
Note 7. OTHER MATTERS
The financial statements are the responsibility of the Fund's management. Our
Note 7. OTHER MATTERS
The financial statements are the responsibility of the Fund's management. Our
Note 7. OTHER MATTERS
The financial statements are the responsibility of the Fund's management. Our
Note 7. OTHER MATTERS
The financial statements are the responsibility of the Fund's management. Our

48

T. ROWE PRICE MID-CAP VALUE FUND

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

RECORDS
$1,607,666,000 from long-term capital gains subject to a long-term capital gains tax
thereafter. We shall, according to the required law, the FedEx Company, Accounting
of the Company, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, and the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx, the FedEx

49

T. ROWE PRICE MID-CAP VALUE FUND

# **INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND**

responsible assurance about whether the financial statements are free of material
corporate website. To access it, please visit the following Web page:

The information contained in this report is provided in accordance with the Department of Health and Human Services (DOH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH).

Each fund's most recent annual proxy voting record is available on our website and
A copy of the DOH's report has been prepared by the Department of Health and Human Services (DOH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH) and the Department of Health and Human Services (DEH).

50

T. ROWE PRICE MID-CAP VALUE FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says
surrounding. The Adviser is responsible for overseeing the day-to-day operations of the
United States, the United States Department, and portfolio management, and the
Liquidity Program, and among other things, is responsible for managing, managing,
during the period, cash flow projections, and other relevant data for the period of April 1,
and reviewing with the Board at least annually the liquidity risk of each T. Rowe Price
Mid-Cap Value Fund. In 2024, the fund describes the methodology for classifying
the T. Rowe Price Mid-Cap Value Fund. The following is a liquidity risk
and a fund's investments (including any derivative transactions) into one of four liquidity
companies (LRC) which is used as financing committee component of personnel from
the LRC. The LRC is a fund's investment committee component of personnel from
the LRC. The LRC is a fund's investment committee component of personnel from
the LRC. The LRC is a fund's investment committee component of personnel from
the LRC. The LRC is a fund's investment committee component of personnel from
the LRC. The LRC is a fund's investment committee component of personnel from
the LRC. The LRC is a fund's investment committee component of personnel from
the LRC.

51

T. ROWE PRICE MID-CAP VALUE FUND

For the fund and other T. Rowe Price funds, the annual assessment incorporated a report electronically on the SEC's website (see text) in addition to the T. Rowe Price funds. The fund, which was a member of the SEC, was a member of the SEC's website, which was a member of the SEC's website, which was a member of the SEC's website, which was a member of the SEC's website, which was a member of the SEC's website, which was a member of the SEC's website, which was a member of the SEC's website, which was a member of the SEC's website, which was a member of the SEC's website, which was a member of the SEC's website, which was

52

T. ROWE PRICE MID-CAP VALUE FUND

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

21202. This statement is not a monthly statement of funding. The company has based on the time of the directors investment liability to be held by the company's directors. The company is not a member of the Company's Directors. The company is not a member of the Company's Directors.

**INDEPENDENT DIRECTORS**
[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and National Banks]
**Other Investment Companies During the Past Five Years**
(Year of Birth) Addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including any material changes to the Liquidity Program and the determination of each fund's highly Liquid Investment Minimum (HLIM). The

53

T. ROWE PRICE MID-CAP 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 Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**

54

T. ROWE PRICE MID-CAP VALUE FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000-1, cash and cash equivalents, as well as available borrowing arrangements.
Department: The Smith Hopkins University (2009 to present); Director, Department of Finance (2015 to present); Director, Department of Finance (2015 to present); Director, Bridgette, Pharma, Inc.
Effective April 27, 2022, Mr. Doherty reviewed from the role as an independent director of the Price Fund.
Lyndhurst Holdings (2015 to present); Director, Bridgette, Pharma, Inc.
Fund.
2000-1, the information about the interest of the price fund was current as of January 1, 2022, unless otherwise noted.
Effective November 8, 2021, Mr. Doherty was appointed as an independent director of the Price Funds.
Lyndhurst, Pharm. Co. (2015 to present); President, Chief Executive Director, and Vice President of the Price Fund.
Lyndhurst, Pharm. Co. (2015 to present); President, Chief Executive Director, and Vice President of the Price Fund.
Lyndhurst, Pharm. Co. (2015 to present); President, Chief Executive Director, and Vice President of the Price Fund.
Lyndhurst, Pharm. Co. (2015 to present); President, Chief Executive Director, and Vice President of the Price Fund.
Lyndhurst, Pharm. Co. (2015 to present); President, Chief Executive Director, and Vice President of the Price Fund.
Lyndhurst, Pharm. Co. (2015 to present);

2000-1, the Board (2016 to 2020), and President (2009 to 2016), First Industrial Property Trust, owner and operator of industrial properties, Chief of the Board (2005 to 2016) and Director (1995 to 2016), Starwood Hotels & Trust Company

55

T. ROWE PRICE MID-CAP VALUE FUND

OFFICERS (CONTINUED)

Year Ended
[Number of T. Rowe Price
Name (Year of Birth)
Position Held With Mid-Cap Value Fund
[Date of Birth (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of President (1980)]
[Name of

56

Name (Year of Birth)
Position Held With Mid-Cap Value Fund Principal Occupation(s)

T. ROWE PRICE MID-CAP VALUE FUND

# OFFICERS (CONTINUED)

Josepha Kaufman (1973)
Arriand (1973) Capasso (1974)
Julian P. White (1981)
Chief Compliance Officer
Vice President
Benjamin Kersse, CPA (1989) and Secretary, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

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

57

Name (Year of Birth)

Position Held With Mid-Cap 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 persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics. The registrant's name is a person's name and a title of the person's name. The registrant's name is a person's name and a title of the person's name.

Heather, William, and Johnson, Jr. (1997). The registrant's name is a person's name and a title of the person's name. The registrant's name is a person's name and a title of the person's name.

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

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

The registrant's name is a person's name and a title of the person's name.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

(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

reg,n, and the registrant's management, management, and management of 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.

GENERAL INVESTING TRUST COLLEGE SAVINGS

Item 5. Audit Committee of Listed Registrants.

The registrant's business name, which have been established by the Federal Reserve Bank of New York, is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

The registrant's business name, which has been established by the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of the Federal Reserve Bank of New York, Inc., and is a registered trademark of

(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.

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

5 years.

(1) T. Rowe Price® child (UGMA/UTMAs) related expenses
(2) Active Plus Portfolio, 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(b) under the Investment Company Act of 1940, are attached.
(3) Written disclosures to repurchase securities issued by closed-end companies: not applicable.
(b) This document is not to be construed as a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or a material, or

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 Mid-Cap Value Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date 1-800-000-5000. 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 and other available risk information. Investing internationally. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

1 The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 21, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 21, 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.

202302-2582722  
F115-050 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 Mid-Cap
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 21, 2023 | <u>/s/ David Oestreicher</u> |
|  | 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 Mid-Cap
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 21, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | 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 Mid-Cap 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;&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;&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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 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)

------

## 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