# EDGAR Filing Document

**Accession Number:** 0001012968
**File Stem:** 0001193125-23-046061
**Filing Date:** 2023-2
**Character Count:** 88458
**Document Hash:** 3d26faba7e9e245a8aa41177f24f820c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046061.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046061

**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 Equity Funds, Inc.
- **CENTRAL INDEX KEY:** 0001012968
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07639
- **FILM NUMBER:** 23658162

**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:** T. Rowe Price Institutional Equity Funds, Inc.
- **DATE OF NAME CHANGE:** 20051028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE INSTITUTIONAL EQUITY FUNDS INC
- **DATE OF NAME CHANGE:** 20011105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL DOMESTIC EQUITY FUNDS INC
- **DATE OF NAME CHANGE:** 19960428

## Series and Classes Contracts Data

### T. Rowe Price Large-Cap Value Fund (Series ID: S000002093)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000005461 | T. Rowe Price Large-Cap Value Fund-I Class | TILCX           |
| C000219139 | T. Rowe Price Large-Cap Value Fund         | TRLUX           |

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: 811-07639

T. Rowe Price Equity Funds, 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

| TRLUX | T. ROWE PRICE Large-Cap Value Fund |
| --- | --- |
| TILCX | Large-Cap Value Fund- I Class |

INVEST WITH CONFIDENCE®

- The Large-Cap Value Fund-I Class outperformed the Russell 1000 Value Index and its Lipper peer group for the 12-month period ended December 31, 2022.
- Our stock selection in the financials and consumer discretionary sectors contributed to relative performance. Unfavorable stock holdings in energy detracted.

## 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 LARGE-CAP VALUE FUND

Market Commentary

# **HIGHLIGHTS**

We found attractive opportunities in companies already discounting a sizable downturn in their respective industries.

Prolonged inflation and rising geopolitical uncertainty have markedly increased the odds of a U.S. recession over the next 12 months. Ultimately, we believe our long-term orientation and valuation-driven approach will be beneficial in this market environment.

Double-digit losses were common in equity markets around the world, and bond investors also faced a historically tough environment amid a sharp rise

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

T. ROWE PRICE LARGE-CAP VALUE FUND

## Dear Shareholder

In interest rates, Value shares declined but outperformed growth stocks by a market, with the Bloomberg U.S. Aggregate Bond Index delivering its worst considerable margin as equity investors turned risk averse and as rising rates year on record. (Bond prices and yields move in opposite directions.) But downward pressure on growth stock valuations. Emerging markets stocks generally poised particularly in the end of the year, and the market in the end of the year, and the market in the end of the year, and the market in the end of the year, and the market in the end of the year, and the market in the end of the year, and the market in the end of the year, and the market in the end of the year, and the market in the end of the year, and the market in the end of the year, and the market in the end of the year, and

1

T. ROWE PRICE LARGE-CAP VALUE FUND

Management's Discussion of Fund Performance

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

60% as oil prices jumped in response to Russia's invasion of Ukraine, and
The past year has taken a strong time for the future as the sector's
concerns over commodity supply shortages. Defensive shares such as losses
unsecured by the broad network, that markets faced, and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer
economic growth. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
Investments focused on fundamentals. Valuations in most global equity
for more insights from T. Rowe Price
How did the fund performance improve? You might be able to
invest in professionals, go to

troweprice.com

| Periods Ended 12/31/22 | Total Return |  |
| --- | --- | --- |
|  | 6 Months | 12 Months |
| Large-Cap Value Fund | 5.63% | -4.91% |
| Large-Cap Value Fund- I Class | 5.71 | -4.76 |

2

T. ROWE PRICE LARGE-CAP VALUE FUND

# **INVESTMENT OBJECTIVE**

The following report was based on the following results: The following report was based on the following results: The following report was based on the following results: The following report was based on the following results: The following report was based on the following results: The following report was based on the following results: The following report was based on the following results: The following report was based on the following results: The following report was based on the following results: The following report was based on the following results: The following report was based on the following results

| Russell 1000 Value Index | 6.11 | -7.54 |
| --- | --- | --- |
| Lipper Multi-Cap Value Funds Index | 5.86 | -8.34 |

3

T. ROWE PRICE LARGE-CAP VALUE FUND

In consumer discretionary, security selection and an underweight position

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Health Care | 20.8% | 20.6% |
| Financials | 13.6 | 17.1 |
| Industrials and Business |  |  |

The Fed, which at the end of the 2018-2019 period, was a major factor in the 2018-2019 period. The Fed's share was 10.5% and 10.4% respectively. The Fed's share was 10.5% and 10.4% respectively. The Fed's share was 10.5% and 10.4% respectively.

4

T. ROWE PRICE LARGE-CAP VALUE FUND

Top purchases spanned

| Services | 10.6 | 9.7 | 10.6 |
| --- | --- | --- | --- |
| Consumer | notably grain, cut into margins. However, the stock is being sold to the company. | notably grain, cut into margins. However, the stock is being sold to the company. | notably grain, cut into margins. However, the stock is being sold to the company. |
| Energy | 7.1 | 6.2 | 7.1 |
| Utilities | 7.0 | 7.8 | 7.8 |
| Information | 5.0 | 5.0 | 5.0 |
| Communication | 5.0 | 5.0 | 5.0 |
| Real Estate | 5.0 | 5.0 | 5.0 |

5

T. ROWE PRICE LARGE-CAP VALUE FUND

# What is portfolio management's outlook?

but earnings estimates have not yet meaningfully come down to reflect the wide
materials of potential outcomes from here. 2.4
RISKS
Consumer Discretionary 3.2 3.0
Other and Degrees
Total 100.0% 100.0%
Historical disclosures and are still being used to
classification of the fund's share price can be because of weakness in
the financial situation. The fund's share price can be because of weakness in
the financial situation. The fund's share price can be because of weakness in
the financial situation. The fund's share price can be because of weakness in
the financial situation. The fund's share price can be because of weakness in
the financial situation. The fund's share price can be because of weakness in
the financial situation. The fund's share price can be because of weakness in
the financial situation. The fund's share price can be because of weakness in

6

T. ROWE PRICE LARGE-CAP VALUE FUND

# RISKS OF INVESTING IN THE FUND

in which demand for insurance is high, but coverage options have decreased. The large cap value funds have been used to provide a better solution than non-cap, non-essential, or not, paying more funds during the normal business hours. The large cap value funds have been used to provide a better solution than non-cap, non-essential, or not, paying more funds during the normal business hours. The large cap value funds have been used to provide a better solution than non-cap, non-essential, or not, paying more funds during the normal business hours. The large cap value funds have been used to provide a better solution than non-cap, non-essential, or not, paying more funds during the normal business hours.

7

T. ROWE PRICE LARGE-CAP VALUE FUND

**BENCHMARK INFORMATION (CONTINUED)**

**TWENTY-FIVE LARGEST HOLDINGS**

Percent of
Net Assets
12/31/22

8

T. ROWE PRICE LARGE-CAP VALUE FUND

Southern Company
Total Enemies
Johnson
Wells Farms
Chubb
Becton, District 10 Company
Philip Morris
Fisery

The value of a fixed sold share of American and American Tobacco Company shall be based on the value of a fixed sold share of American tobacco products and its subsidiaries and affiliates. The value of a fixed sold share of American tobacco products shall be based on the value of a fixed sold share of American tobacco products and its subsidiaries and affiliates. The value of a fixed sold share of American tobacco products shall be based on the value of a fixed sold share of American tobacco products and its subsidiaries and affiliates.

Fisery

2.3

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

As of 12/31/22

| Large-Cap Value Fund - I Class | $28,207 |
| --- | --- |
| Russell 1000 Value Index | 26,632 |

9

T. ROWE PRICE LARGE-CAP VALUE FUND

# GROWTH OF $10,000

| Wal-Mart |  | 2.3 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| BE |  |  |  |  |  |  |
| A |  |  |  |  |  |  |
| C |  |  |  |  | Since | Inception |
| E | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Inception | Date |
| The view | Large-Cap Value Fund | -4.91% | - | - | 19.99% | 5/1/20 |
| change by |  |  |  |  |  |  |
| a forecast | Large-Cap Value Fund- |  |  |  |  |  |
|  | I Class | -4.76 | 7.23% | 10.93% | - | - |
| $3 |  |  |  |  |  |  |

10

T. ROWE PRICE LARGE-CAP VALUE FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

Conagra, Brant, and LSE Group company, which owns the index or the data, Netherp, and the fund's performance information represents only past performance and is not necessarily a part of the Company's business. The Company's performance is not necessarily a part of the Company's business. The Company's performance is not necessarily a part of the Company's business.

11

T. ROWE PRICE LARGE-CAP VALUE FUND

**FUND EXPENSE EXAMPLE**

Comments for the periods shown had been earned at a constant rate. Total return figures include
Please note that the fund has two share classes. The original share class (Investor Class)
and the other (Investor Class) has been used for the period. Return figures
are not available for any other class or the actual value of the fund.

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

12

T. ROWE PRICE LARGE-CAP VALUE FUND

**FUND EXPENSE EXAMPLE (CONTINUED)**

with your account balance, to estimate the expenses that you paid over the period. Simply
$1,000.00
$1,000.00
$3.63
Large-Cap Value Fund
for a share outstanding throughout each period
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00
$1,000.00

**Investor Class**

prospectus. This number may vary
1,057.10
$1,057.10 is based on a reference 2.66
of expenses but does not include the
reimbursement of the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of

reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of
reimbursement for the amount of

**NET ASSET VALUE**

| Beginning of period | $27.76 | $23.61 | $17.87 |
| --- | --- | --- | --- |

Investment activities

| Net investment income (2)(3) | 0.46 | 0.42 | 0.32 |
| --- | --- | --- | --- |

13

T. ROWE PRICE LARGE-CAP VALUE FUND

| FINANCIAL HIGHLIGHTS |  |  |  |  |
| --- | --- | --- | --- | --- |
| The fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the financial statements and the 5% hypothetical accounts which over the period is reflected by the number of days in the most recent fiscal half year (1aa), and divided by the days in the year (365) to reflect the half-year period. The annualized expense ratio of the Investor Class was 0.70%, and |  |  |  |  |
| Investor Class |  | fee (1.00) | generally (0.00) | for accounts (0.00) |
|  |  | whose T. Rowe Price muted fund | 6.02 | 5.18 (0.45) |
|  |  | the Electronic delivery of accounts | 12/31/21 | 12/31/21 |
| Statements, transaction confirmations, prospectuses, and shareholder reports for accounts |  |  |  | 12/31/20 |
| Ratios/Supplemental Data |  | (3.73) | (1.45) | (0.22) |
| Total distributions |  | (4.23) | (1.87) | (0.71) |
| Total return (1)(2)(3) |  | (4.91)% | 25.65% | 36.12% |
| NET ASSET VALUE |  |  |  |  |

14

T. ROWE PRICE LARGE-CAP VALUE FUND

| FINANCIAL PROVISIONS |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Rowe Price Personal Services or Enhanced Personal Services client |  |  |  |  |  |
| (enrollment in these programs generally requires T. Rowe Price assets at at least $250,000) |  |  |  |  |  |
| This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing other funds. |  |  |  |  |  |
| Class | New by Price | $22.17 | $27.76 | $23.61 |  |
| Net expenses after waivers payments | Ended | 1.75% | 0.73% | 0.30% | (6) |
| Net investment income | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
|  |  |  | 1.75% | 1.48% | 2.23% (6) |
| NET ASSET VALUE |  |  |  |  |  |
| Beginning of period | $27.77 | $23.62 | $23.62 | $19.72 | $23.38 |
| Portfolio turnover rate |  |  | 33.3% | 24.4% | 31.5% |
| Net assets, end of period (in thousands) |  |  | $84,662 | $80,981 | $11,571 |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.49 | 0.43 | 0.49 | 0.52 | 0.46 |

15

T. ROWE PRICE LARGE-CAP VALUE FUND

**FINANCIAL INFORMATION** The line of the table is useful in comparing ongoing costs only and will change the relative total costs of owning different funds. For the extent a fund charges transaction costs, however, the total cost of owning that fund is higher.

**I Class**

|  | Y(1) | 5.63 | 0.22 (3) | 4.73 | (2.62) |
| --- | --- | --- | --- | --- | --- |
|  | Y(2) | 5.08 | 0.21 | 5.25 | (2.16) |
| (3) See Note 6 for details of expense-related arrangements with Bank Associates 12/31/18 |  |  |  |  |  |

**RATE OF EXPENDITURE** **Dollars** **RATE OF REVENUES** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars**

**Total return** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars** **Dollars**

16

T. ROWE PRICE LARGE-CAP VALUE FUND

December 31, 2022

FINANCIAL - HIGHLIGHTS

|  |  |  |  | Shares | $ Value |
| --- | --- | --- | --- | --- | --- |
| (Cost and value in $000s) |  |  |  |  |  |
| COMMON STOCKS 97.5% |  |  |  |  |  |
| Net assets available at 2.4% |  |  |  |  |  |
| Total return is not annualized for periods less than one year. |  |  |  |  |  |
| End of period | $22.20 | $27.77 | $23.62 | $23.63 | $19.72 |
| Payments by Price Associates | 0.56% | 0.55% | 0.57% | 0.56% | 0.57% |
| Diversified Telecommunication Services 5.4% |  |  |  |  |  |
| Payments by Price Associates | 0.56% | 0.55% | 0.57% | 0.56% | 0.57% |
| Net investment income | 1.86% | 1.58% | 2.36% | 2.32% | 1.98% |
| Portfolio turnover rate | 33.3% | 24.4% | 31.5% | 26.1% | 27.5% |
| Net assets, end of period (in |  |  |  |  |  |

17

T. ROWE PRICE LARGE-CAP VALUE FUND

# **PRIORITY OF INVESTMENTS**

|  | Shares | % Value |
| --- | --- | --- |
| Entertainment 1.6% (Cost and value in $000s) |  |  |
| Wall Disney (1) | 621,367 | 53,984 |
| Food Products 1.9% millions | $3,267 | $3,858 |
|  | $3,757 | $2,978 |
| Interactive Media & Services 1.3% | 1,670,771 | 64,659 |
| Alphabet, Class C (1) | 190,540 | 14,566 |
| Household Products 1.5% (1) The amount presented using average shares outstanding method. | 228,400 | 27,486 |
| (2) See Note 6 for details of expense-related arrangements with Price Associates. |  |  |
| (3) The amount presented is inconsistent with the fund's aggregate gains and losses because of the timing of sales and redemptions of fund shares in relation to fluctuating market values for the investment portfolio. |  |  |
| (4) Total return reflects the rate that an investor would have earned on an investment in the fund |  |  |

18

T. ROWE PRICE LARGE-CAP VALUE FUND

| Kimberly-Clark | 382,302 | 51,897 |
| --- | --- | --- |
|  | Shares | 53,000 Value |
| Media 2.2% |  |  |
| Total (2.2% in $000s) |  |  |
| Comcast, Class A | 682,937 | 23,882 |
| Photo News, International | 768,628 | 77,793 |
| TOTAL (2.2% in $000s) | 2,674,583 | 48,678 |
| TOTAL (2.2% in $000s) |  |  |
| BRANCHMARK 20.4% |  |  |
| Through each period, assuming reinvestment of all distributions, and payment of no redemption, the amount held if applicable. |  | 72,290 |
| Cash and cash equivalents |  |  |
| Cash and cash equivalents |  |  |
| Total (2.2% in $000s) | 291,887 | 159,417 |
| FORECAST 2.2% |  |  |
| CONSUMER DISCRETIONARY 3.0% |  | 47,172 |

19

T. ROWE PRICE LARGE-CAP VALUE FUND

Health Care Equipment & Supplies 6.4%

| Auto Components 0.4% |  |  |
| --- | --- | --- |
| Bedded, Deflavon & Company | 221,388 | 14,000 |
| Marina International (2) | 220,000 | 15,100 |
| New York (Value in $000s) | 220,000 | 15,100 |
| Machinery (2) | 1,479,400 | 10,100 |
| Industrial Conditioner (Value 0.6%) | 1,681,300 | 104,300 |
| General Electric (1) | 1,681,300 | 104,300 |
| New York (1) | 1,681,300 | 104,300 |
| Simple Equip | 364,426 | 20,247 |
| Health Care Providers & Services 4.9% |  | 18,586 |
| Machine Retail 0.4% | 197,324 | 106,245 |
| Machinery 2.7% |  | 65,261 |

20

T. ROWE PRICE LARGE-CAP VALUE FUND

| Public Finance | 1,888,000 | 48,000 |
| --- | --- | --- |
| Finance | 1,778,000 | 73,000 |
| Finance, Health | 1,778,000 | 73,000 |
| Public Finance, 2. Decker | 1,778,000 | 48,000 |
| Public Finance, 1.6% | 821,035 | 185,000 |
| Specialty Retail | 1,778,000 | 50,000 |
| Life Sciences, 0.8% | 3,023,286 | 48,000 |
| Total Individuals & Business Services | 3,023,286 | 323,000 |
| Total Individuals & Business Services | 2,467,566 | 28,000 |
| Total Individuals & Business Services | 2,467,566 | 28,000 |
| INFORMATION TECHNOLOGY 7.9% | 2,362,468 | 27,000 |
| Public Finance | 2,362,468 | 28,000 |
| Communications Equipment 0.6% |  | 354,000 |
| Pharmaceuticals 5.5% |  | 154,000 |
| Pharmaceuticals, 0.5% |  | 154,000 |
| Cisco Systems | 404,412 | 19,200 |

21

T. ROWE PRICE LARGE-CAP VALUE FUND

| Capital Markets 0.6% | 374,100 | 26,017 |
| --- | --- | --- |
| CONSUMER SERVICES 0.0% | 1,720,000 | 1,720,000 |
| RETAILERS (1) | 572,278 | 126,001 |
| SHORT-TERM (2) | 427,738 | 47,200 |
| SHORT-TERM (3) | 402,017 | 40,010 |
| SHORT-TERM (4) | 402,017 | 40,010 |
| SHORT-TERM (5) | 402,017 | 40,010 |
| SHORT-TERM (6) | 402,017 | 40,010 |
| SHORT-TERM (7) | 402,017 | 40,010 |
| SHORT-TERM (8) | 402,017 | 40,010 |
| SHORT-TERM (9) | 402,017 | 40,010 |
| SHORT-TERM (10) | 402,017 | 40,010 |
| SHORT-TERM (11) | 402,017 | 40,010 |
| SHORT-TERM (12) | 402,017 | 40,010 |
| SHORT-TERM (13) | 402,017 | 40,010 |
| SHORT-TERM (14) | 402,017 | 40,010 |
| SHORT-TERM (15) | 402,017 | 40,010 |
| SHORT-TERM (16) | 402,017 | 40,010 |
| SHORT-TERM (17) | 402,017 | 40,010 |
| SHORT-TERM (18) | 402,017 | 40,010 |
| SHORT-TERM (19) | 402,017 | 40,010 |
| SHORT-TERM (20) | 402,017 | 40,010 |
| SHORT-TERM (21) | 402,017 | 40,010 |
| SHORT-TERM (22) | 402,017 | 40,010 |
| SHORT-TERM (23) | 402,017 | 40,010 |
| SHORT-TERM (24) | 402,017 | 40,010 |
| SHORT-TERM (25) | 402,017 | 40,010 |
| SHORT-TERM (26) | 402,017 | 40,010 |
| SHORT-TERM (27) | 402,017 | 40,010 |
| SHORT-TERM (28) | 402,017 | 40,010 |
| SHORT-TERM (29) | 402,017 | 40,010 |
| SHORT-TERM (30) | 402,017 | 40,010 |
| SHORT-TERM (31) | 402,017 | 40,010 |
| SHORT-TERM (32) | 402,017 | 40,010 |
| SHORT-TERM (33) | 402,017 | 40,010 |
| SHORT-TERM (34) | 402,017 | 40,010 |
| SHORT-TERM (35) | 402,017 | 40,010 |
| SHORT-TERM (36) | 402,017 | 40,010 |
| SHORT-TERM (37) | 402,017 | 40,010 |
| SHORT-TERM (38) | 402,017 | 40,010 |
| SHORT-TERM (39) | 402,017 | 40,010 |
| SHORT-TERM (40) | 402,017 | 40,010 |

22

T. ROWE PRICE LARGE-CAP VALUE FUND

| American International Group | 1,156,581 | 73,947 |
| --- | --- | --- |
| American American Product Equipment 3.0% | 390,334 | 86,108 |
| SECURITIES LENDING COLLATERAL 1.7% | 1,482,188 | 58,480 |
| American American Product | 1,494,639 | 100,948 |
| INVESTMENT IN POOLED ACCOUNT THROUGH | 125,953 | 20,810 |
| SECURITIES LENDING PROGRAM WITH STATE STREET BANK |  | 120,928 |
| INVESTMENT 1.7% | 306,240 | 100,447 |
| Southwest 0.7% |  | 53,237 |
| Money Market Funds 1.7% | 1,482,188 | 58,480 |
| Money Market Funds 1.7% | 1,494,639 | 100,948 |
| Affiliates 0.4% | 125,953 | 20,810 |

23

# T. ROWE PRICE LARGE-CAP VALUE FUND

December 31, 2022

| T. Rowe Price, Company, the Reserve Fund, 4.30% (3)(4) in principle or control. The 5,763,416 securities 57,563 |  |
| --- | --- |
| Total Investments in a Pooled Account Through Securities |  |
| T. Rowe Price, Company, the Reserve Fund, 4.30% (3)(4) in principle or control. The 5,763,416 securities 57,563 |  |
| Lending Program with State Street Bank and Trust Company |  |
| 1,045,500 |  |
| Total Investment Services (Cost $2,660,190) |  |
| Change in Net |  |
| 3,267,985 |  |
| Total Investment Technologies, at value (cost $2,792,567) |  |
| Net Realized Unrealized $ |  |
| Gain (Loss) Gain/Loss Inconnu |  |
| T. Rowe Price, (REFERRED STOCKS 0.2%) |  |
| T. Rowe Price, Government Reserve Fund, 4.30% $ |  |
| - $ - $1,082,111 |  |
| Chemicals 2.0% |  |
| 3,324 |  |
| Receivable for investment securities sold |  |
| 586 |  |
| Cash |  |
| 337 |  |
| Other assets |  |
| 1,744 |  |
| Total assets |  |
| 3,414,058 |  |

24

T. ROWE PRICE LARGE-CAP VALUE FUND

December 31, 2022

| BORROW CARES AND LIABILITIES |  | $ | -# | $ | - | $ | 1,082+ |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Monthly Cash Equivalents & Supplies |  |  |  |  |  | 303,391 | 25,849 |
| International Fund |  |  |  |  |  | 426,467 | 44,921 |
| Supplementary Investment Schedule |  |  |  |  |  | 182,448 | 25,647 |
| (2) See Note 3. All or a portion of this security is on loan at December 31, 2022 |  |  |  |  |  |  |  |
| Affiliates |  |  |  |  |  |  |  |
| Net Assets Consist of: |  | Value | Purchase | Sales | Cost | Value | 12/31/22 |
| T. Rowe Price Large-Cap Value Fund |  | 12/31/21 |  |  |  |  |  |
| Flamingo, 1000 |  |  |  |  |  |  |  |
| Flamingo, 1000 |  |  |  |  |  |  |  |
| Reserve |  |  |  |  |  |  |  |
| Payable on the application of 1,000,000 shares of $0.0001 par |  |  |  |  |  |  |  |
| Payable on the application of 1,000,000 shares of the |  |  |  |  |  |  |  |
| Total Value of the 1,000,000 shares of the |  |  |  |  |  |  |  |
| Incorporation |  |  |  |  |  |  |  |
| may be for investment securities purchased |  |  |  |  |  |  |  |
| NET ASSETS |  |  |  |  |  |  | 3,351,590 |
| Payable to directors |  |  |  |  |  |  | 2 |
| NET ASSET VALUE PER SHARE |  |  |  |  |  |  |  |

25

T. ROWE PRICE LARGE-CAP VALUE FUND

| STATEMENT - ON ASSETS AND LIABILITIES | 6,896 |
| --- | --- |
| Excess on assets and liabilities of all Estate investment Trust whose distributions pass through with |  |
| Investments in the interest of the other | 6,896 |
| Total Convertible Preferred Stock (Loss) $7,450 |  |
| Excludes earnings on securities lending collateral, which are subject to rebates and fees as |  |
| depending on Note 3. | Year 56 |
| Investment income comprised $1,082 of dividend income and $0 of interest income. | 60,468 |
| Financing Class | 12/31/22 |
| Taxes | $3,351,590 |
| Net Interest Income (Loss) |  |
| (Loss) |  |
| ($3,266,928,367 ( 147,177,183 shares outstanding) | $22.20 |
| Dividend (net of foreign sales of $1,713) | 84,253 |
| Securities lending | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 9 |
| Total income | 84,305 |

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

26

T. ROWE PRICE LARGE-CAP VALUE FUND

# STATEMENT OF OPERATIONS

($000s)

| Expenses | Year Ended |
| --- | --- |
| Investment management | 18,997 |
| Realized and Unrealized Gain / Loss | 12,731,722 |
| Investor Class | $183 |
| Net realized gain (loss) |  |
| J Class | 32 |
| Securities | 215 |
| Prospectus and shareholder reports | 493,505 |
| Foreign currency transactions |  |
| Investor Class | (7) |
| Net realized gain | 27 |
| Net realized gain | 493,498 |
| J Class | 107 |
|  | 134 |

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

27

T. ROWE PRICE LARGE-CAP VALUE FUND

# STATEMENT OF OPERATIONS

($000s)

| Custody and accounting | Year | 258 |
| --- | --- | --- |
| Registration | Ended | 70 |
|  | 12/31/22 | 12/31/22 |
|  |  | (730,674) |
| Increase (Decrease) in Net Assets |  | (9) |
| Decreases and liabilities denominated in foreign currencies |  |  |
| Operations |  |  |
| Net investment unrealized gain / loss | $64,591 | $(730,684) |
| Net investment income |  | (23,158) |
| Net realized gain | 493,498 | 325,158 |
| Total expenses |  |  |
| Increase in net unrealized gain / loss | (730,684) | 487,158 |
| Decrease in net asset assets |  |  |
| Decrease in net asset assets from operations | (172,595) | $(172,595) |

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

28

T. ROWE PRICE LARGE-CAP VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

Deductions Act of 1940 (the 1940 Act). The Large-Cap Value Fund (the fund) is a over-all, open-end management investment company established by the Investor Class Corporation. The fund seeks to provide long-term capital appreciation by investing in a certain stocks believed to be undervalued. Income is a secondary objective. The fund has two classes of shares: the Large-Cap Value Fund (Investor Class) and the Large-Cap Value Fund (I Class). I Class shares require a $500,000 initial investment minimum, although the minimum generally is waived or reduced for

29

T. ROWE PRICE LARGE-CAP VALUE FUND

# NOTICE TO FINANCIAL STATEMENTS

T. Rowe Price Equity Funds, Inc. (the corporation) is registered under the treatment of Shares sold. The financial statements, eligible retirement plans, and certain other accounts, including the other, are available. Non-cash dividends, if any, are recorded on the fair market value of November 15, 2021, the initial investment minimum was $1 million and was generally made from litigation payments. If any, are included in either net waived for financial intermediaries, eligible retirement plans, and other certain related (non-cash) or change in net unrealized gain/loss from securities. Distributions in the I Class, Inc. (the corporation) is available. As a result of the reduction in the I Class minimum, certain assets transferred to shareholders are recorded on the ex-dividend date income distributions. If any, are from the Preferred Class to the I Class. This transfer of shares from Investor Class to the I Class is reflected and paid by each class annually. A capital gain distribution, if any, may also be made in the Statement of Changes in Net Assets within the Capital Markets I Class (754,380) (779,054).

30

T. ROWE PRICE LARGE-CAP VALUE FUND

and capital gain distributions are recorded on the ex-dividend date. Distributions from

declared and paid by the fund annually permitted, effective December 1, 2022. Adoption of the guidance did not have a material increase in net assets from capital share transactions 132,281 48,690
Current distribution: Income tax, income taxes, and liabilities denominated
The fund's net assets related solely to that class separate voting rights on matters that
in the past increases are excluded from U.S. dollar prices such as in the provisions
of the Act of 1965, as provided in the rules of the Act of 1965, as provided in the
provisions of the Act of 1965, as provided in the rules of the Act of 1965, as provided in the
provisions of the Act of 1965, as provided in the rules of the Act of 1965, as provided in the
provisions of the Act of 1965, as provided in the rules of the Act of 1965, as provided in the
provisions of the Act of 1965, as provided in

NOTE 1 SIGNIFICANT ACCOUNTING POLICIES
Share Information (0004)

31

T. ROWE PRICE LARGE-CAP VALUE FUND

years beginning after December 15, 2023; however, the fund opted to early adopt, as on the respective date of such transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is not illustrated. **NOTE** **Revenues/Debtors** The fund is an investment company and follows accounting and reporting purposes at the Financial Accounting Standards Board (FASB) and is not a company. **Costs and other financial instruments** The financial instrument is designed for the level within the financial structure of the Fund. The Fund is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that

32

T. ROWE PRICE LARGE-CAP VALUE FUND

for which market data are not available and are developed using the best information

T. Rowe Price Large-Cap Value Fund is a fund's valuation, designed (Valuation, Designing, Capital, Transactions, and Investing) is available in the first issue of the fund. It is represented by the following: the following: the valuation, Designing, and Capital, 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

33

T. ROWE PRICE LARGE-CAP VALUE FUND

Investments for which market quotations are not readily available or deemed unreliable

The value of the value of the quotation per share, the receipt of the transaction price by
participants, transaction information, can be reliably obtained, and prices are deemed
reliable. The value of the quotation per share is not intended to be used in the future, but the value of the
quotation is not intended to be used in the future. The value of the quotation per share is not intended
to be used in the future. The value of the quotation per share is not intended to be used in the
future. The value of the quotation per share is not intended to be used in the future. The value of the quotation per
share is not intended to be used in the future. The value of the quotation per share is not intended to be used
in the future. The value of the quotation per share is not intended to be used in the future.

34

T. ROWE PRICE LARGE-CAP VALUE FUND

# NOTE 3 - OTHER INVESTMENT TRANSACTIONS

Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly, to the extent of the current financial situation or the extent of the current financial situation. The level 2 is not intended to be a significant factor in the performance of the financial situation. The level 2 is not intended to be a significant factor in the performance of the financial situation. The level 2 is not intended to be a significant factor in the performance of the financial situation.

35

T. ROWE PRICE LARGE-CAP VALUE FUND

The fund files U.S. federal, state, and local tax returns as required. The fund's tax

book/tax differences to reflect tax character but are not adjusted for temporary
behaviourals with low level of income. The fund's tax structure is not adjusted for temporary
behaviourals with low level of income. The fund's tax structure is not adjusted for temporary
behaviourals with low level of income. The fund's tax structure is not adjusted for temporary
behaviourals with low level of income. The fund's tax structure is not adjusted for temporary
behaviourals with low level of income. The fund's tax structure is not adjusted for temporary
behaviourals with low level of income. The fund's tax structure is not adjusted for temporary
behaviourals with low level of income.

36

T. ROWE PRICE LARGE-CAP VALUE FUND

At December 31, 2022, the tax-basis components of accumulated net earnings (loss)

The tax-based capital cost of the tax value, $57,563,000, is subject to a contractual expense limitation through the expense of the tax-based capital. The tax-based capital cost of the tax value, $57,563,000, is subject to a contractual expense limitation through the expense of the tax-based capital.

The tax-based capital cost of the tax value, $57,563,000, is subject to a contractual expense limitation through the expense of the tax-based capital.

The tax-based capital cost of the tax value, $57,563,000, is subject to a contractual expense limitation through the expense of the tax-based capital.

37

T. ROWE PRICE LARGE-CAP VALUE FUND

daily net assets. The group fee rate is calculated based on the combined net assets of At December 31, 2022, the tax-basis cost of investments (including derivatives, if any) limitation date indicated in the table below. During the limitation period, Price and gross unrealized appreciation and determination were as follows:

NOTE: The Company's income tax is based on the tax basis, taxes, and brokerage; non-recurring.

On the basis of the Company's income tax, the Company's income tax is based on the tax basis, taxes, and brokerage; non-recurring. On the basis of the Company's income tax, the Company's income tax is based on the tax basis, taxes, and brokerage; non-recurring. On the basis of the Company's income tax, the Company's income tax is based on the tax basis, taxes, and brokerage; non-recurring.

38

T. ROWE PRICE LARGE-CAP VALUE FUND

Any repayment of expenses previously waived/paid by Price Associates during the
period of the period of the year, which is a result of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company

39

T. ROWE PRICE LARGE-CAP VALUE FUND

independent current market price of the security. During the year ended December 31,

realised gain (loss) on Securities in the Statement of Operations
The Company is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which

NOTE: THE TRENDING LENDING PROGRAM

The Company is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business, which is a member of the Company's business

40

T. ROWE PRICE LARGE-CAP VALUE FUND

In February 2022, Russian forces entered Ukraine and commenced an armed management agreement between the fund and Price Associates provides for an annual agreement to allow the funds to be used in the future. The fund is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it

41

T. ROWE PRICE LARGE-CAP VALUE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price Large-Cap Value Fund (one of the funds

(CONTINUED) T. Rowe Price Large Funds, both referred to hereafter as the "Funds" of December 31, 2022, there were no loans outstanding. The amount of funds received, which were not included in the financial statements, was not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in the financial statements, which were not included in

NOTE: A. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.

42

T. ROWE PRICE LARGE-CAP VALUE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The management of the Fund is a member of the General Administration of the United States. The management of the Fund is a member of the General Administration of the United States. The management of the Fund is a member of the General Administration of the United States.

43

T. ROWE PRICE LARGE-CAP VALUE FUND

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

$498,785,000 from long-term capital gains subject to a long-term capital gains tax rate
reduction. The tax rate is based on the Federal Reserve Bank of New York
and is not greater than 20%.
RECORDS
Public Accounting firm registered with the Public Company Accounting
Division of the Public Company of New York, 1973. The records are not
reduced. The records are not included in the current year's annual report.
We have carried on the public's 1973 report in the current year's annual report.
We have carried on the public's 1973 report in the current year's annual report.
We have carried on the public's 1973 report in the current year's annual report.
We have carried on the public's 1973 report in the current year's annual report.
We have carried on the public's 1973 report in the current year's annual report.
We have carried on the public's 1973 report in

44

T. ROWE PRICE LARGE-CAP VALUE FUND

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

of the $100,000. Those standards require that we plan and perform the audit to obtain corporate websites. To access it, please visit the following Web page:

The information contained in this report is provided for the Department of Labor, and is not intended to be used in the Department of Labor's report. The information contained in this report is provided for the Department of Labor's report. The information contained in this report is provided for the Department of Labor's report.

The information contained in this report is provided for the Department of Labor's report. The information contained in this report is provided for the Department of Labor's report.

The information contained in this report is provided for the Department of Labor's report. The information contained in this report is provided for the Department of Labor's report.

The information contained in this report is provided for the Department of Labor's report. The information contained in this report is provided for the Department of Labor's report.

45

T. ROWE PRICE LARGE-CAP VALUE FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says administrator, the Adviser is responsible for overseeing the day-to-day operations of the Brown Young Records - Filed on the Brown Young Records link in the shaded box. Liquidity programs and operations have been made to the public's own business, a report

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**
The fund has a complete schedule of various holdings and the decisions of the Exchange Commission (SEC) for the first and third quarters of each fiscal year as an categories, as well as the percentage of a fund's investments assigned to each category. The Liquidity Program's principal objectives include supporting the T. Rowe Price karate. It also explained the methodology for establishing a fund's HLIM and noted that the LRC

46

T. ROWE PRICE LARGE-CAP VALUE FUND

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

Electrification of the LRC's website (see text) in addition to the T. Rowe Price Large-Cap Value Fund. The LRC's website (see text) in addition to the T. Rowe Price Large-Cap Value Fund. The LRC's website (see text) in addition to the T. Rowe Price Large-Cap Value Fund. The LRC's website (see text) in addition to the T. Rowe Price Large-Cap Value Fund. The LRC's website (see text) in addition to the T. Rowe Price Large-Cap Value Fund.

47

T. ROWE PRICE LARGE-CAP VALUE FUND

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

21202. The State of New Jersey, the United States of America, is a member of the investment's directors and officers. The company is a member of the investment's directors and officers.

**Name** (Year of Birth) significantly changing the investment's market value.

**INDEPENDENT DIRECTORS** (Number of T. Rowe Price, Principal Occupation(s) and Directorships of Public Companies and **Name** (Year of Birth) **Other Investment Companies During the Past Five Years** (Year of Birth) **Year Elected** (1956) and the determination of each fund's highly Liquid Investment Minimum (HLIM). The

48

T. ROWE PRICE LARGE-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 Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**  
**[Number of T. Rowe Price Part of Birth]**

49

T. ROWE PRICE LARGE-CAP VALUE FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000-1, cash and cash equivalents, as well as available borrowing arrangements.
Department: The South Hopkins University (2009 to present); Director, Department of the Public Health (2009 to present); Director, Drug and Drug Administration (2015 to present); Director, Drug and Drug Administration (2015 to present).
Effective April 27, 2022, Mr. Dykes resigned from his role as an independent director of the Price Fund.
Lyndhurst Holdings (2015 to present); Director, Drug and Drug Administration (2015 to present).
2018.
2018 information about the interest of the price fund was current as of January 1, 2022, unless otherwise noted.
Effective November 8, 2021, Mr. Dykes was appointed as an independent director of the Price Fund.
President, Chief Executive Officer, The South Hopkins University (2009 to present); Director, Drug and Drug Administration (2015 to present).
2018 (2018) Mr. Dykes resigned from his role as an independent director of the Price Fund.
2018 (2018) Mr. Dykes resigned from his role as an independent director of the Price Fund.
2018 (2018) Mr. Dykes resigned from his role as an independent director of the Price Fund.
2018 (2018) Mr. Dykes resigned from his role as an independent director of the Price Fund.
2018 (2018) Mr. Dykes resigned from his role as an independent director of the Price Fund.

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

2018

50

T. ROWE PRICE LARGE-CAP VALUE FUND

OFFICERS (CONTINUED)

Resorts, a hotel and leisure company, Member, Investment Company
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past Five Years

[Number of T. Rowe Price
Name (No. of Cash)]
Position Held With Equity Funds
Principal Occupation(s)
[1072]
[1053]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]
[1052]

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

51

Name (Year of Birth)
Position Held With Equity Funds

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, principal management functions. A copy of this code of ethics is filed in the following section: (1) The representative of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is a member of the company's business, which is

|  | 2022 | 2021 |
| --- | --- | --- |
| Audit Fees | $21,734 | $21,172 |
| Audit-Related Fees | - | - |
| Tax Fees | - | 1,540 |
| All Other Fees | - | - |

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for 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 require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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 the principal accountant's independence.

(i) **RETIREMENT (1977)** **GENERAL INVESTING (1978)** **COLLEGE (1979)**

**Item 6. Audit Committee of Listed Registrants.** Group, Vice President and Senior Counsel, Pacific

IRAs, Traditional, Forth, Individual or Joint, T. Rowe Price-managed,

Torrance, & Tamathion, CFA (1976) **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978** **Vice President, 1978**

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 11. Controls and Procedures.**

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

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

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

Not applicable.

**Item 13. Exhibits**

(1) Management's general ethics pursuant to Item 7 of the Securities and Exchange Act of 2002 and required by Rule 5 of the Securities and Exchange Act of 2002, including the following: (1) T. Rowe Price, T. Rowe Price Group, (2) T. Rowe Price, T. Rowe Price Group, (3) T. Rowe Price, T. Rowe Price Group, (4) T. Rowe Price, T. Rowe Price Group, (5) T. Rowe Price, T. Rowe Price Group, (6) T. Rowe Price, T. Rowe Price Group, (7) T. Rowe Price, T. Rowe Price Group, (8) T. Rowe Price, T. Rowe Price Group, (9) T. Rowe Price, T. Rowe Price Group, (10) T. Rowe Price, T. Rowe Price Group, (11) T. Rowe Price, T. Rowe Price Group, (12) T. Rowe Price, T. Rowe Price Group, (13) T. Rowe Price, T. Rowe Price Group, (14) T. Rowe Price, T. Rowe Price Group, (15) T. Rowe Price, T. Rowe Price Group, (16) T. Rowe Price, T. Rowe Price Group, (17) T. Rowe Price, T. Rowe Price Group, (18) T. Rowe Price, T. Rowe Price Group, (19) T. Rowe Price, T. Rowe Price Group, (20) T. Rowe Price, T. Rowe Price Group, (21) T. Rowe Price, T. Rowe Price Group, (22) T. Rowe Price, T. Rowe Price Group, (23) T. Rowe Price, T. Rowe Price Group, (24) T. Rowe Price, T. Rowe Price Group, (25) T. Rowe Price, T. Rowe Price Group, (26) T. Rowe Price, T. Rowe Price Group, (27) T. Rowe Price, T. Rowe Price Group, (28) T. Rowe Price, T. Rowe Price Group, (29) T. Rowe Price, T. Rowe Price Group, (30) T. Rowe Price, T. Rowe Price Group, (31) T. Rowe Price, T. Rowe Price Group, (32) T. Rowe Price, T. Rowe Price Group, (33) T. Rowe Price, T. Rowe Price Group, (34) T. Rowe Price, T. Rowe Price Group, (35) T. Rowe Price, T. Rowe Price Group, (36) T. Rowe Price, T. Rowe Price Group, (37) T. Rowe Price, T. Rowe Price Group, (38) T. Rowe Price, T. Rowe Price Group, (39) T. Rowe Price, T. Rowe Price Group, (40) T. Rowe Price, T. Rowe Price Group, (41) T. Rowe Price, T. Rowe Price Group, (42) T. Rowe Price, T. Rowe Price Group, (43) T. Rowe Price, T. Rowe Price Group, (44) T. Rowe Price, T. Rowe Price Group, (45) T. Rowe Price, T. Rowe Price Group, (46) T. Rowe Price, T. Rowe Price Group, (47) T. Rowe Price, T. Rowe Price Group, (48) T. Rowe Price, T. Rowe Price Group, (49) T. Rowe Price, T. Rowe Price Group, (50) T. Rowe Price, T. Rowe Price Group, (51) T. Rowe Price, T. Rowe Price Group, (52) T. Rowe Price, T. Rowe Price Group, (53) T. Rowe Price, T. Rowe Price Group, (54) T. Rowe Price, T. Rowe Price Group, (55) T. Rowe Price, T. Rowe Price Group, (56) T. Rowe Price, T. Rowe Price Group, (57) T. Rowe Price, T. Rowe Price Group, (58) T. Rowe Price, T. Rowe Price Group, (59) T. Rowe Price, T. Rowe Price Group, (60) T. Rowe Price, T. Rowe Price Group, (61) T. Rowe Price, T. Rowe Price Group, (62) T. Rowe Price, T. Rowe Price Group, (63) T. Rowe Price, T. Rowe Price Group, (64) T. Rowe Price, T. Rowe Price Group, (65) T. Rowe Price, T. Rowe Price Group, (66) T. Rowe Price, T. Rowe Price Group, (67) T. Rowe Price, T. Rowe Price Group, (68) T. Rowe Price, T. Rowe Price Group, (69) T. Rowe Price, T. Rowe Price Group, (70) T. Rowe Price, T. Rowe Price Group, (71) T. Rowe Price, T. Rowe Price Group, (72) T. Rowe Price, T. Rowe Price Group, (73) T. Rowe Price, T. Rowe Price Group, (74) T. Rowe Price, T. Rowe Price Group, (75) T. Rowe Price, T. Rowe Price Group, (76) T. Rowe Price, T. Rowe Price Group, (77) T. Rowe Price, T. Rowe Price Group, (78) T. Rowe Price, T. Rowe Price Group, (79) T. Rowe Price, T. Rowe Price Group, (80) T. Rowe Price, T. Rowe Price Group, (81) T. Rowe Price, T. Rowe Price Group, (82) T. Rowe Price, T. Rowe Price Group, (83) T. Rowe Price, T. Rowe Price Group, (84) T. Rowe Price, T. Rowe Price Group, (85) T. Rowe Price, T. Rowe Price Group, (86) T. Rowe Price, T. Rowe Price Group, (87) T. Rowe Price, T. Rowe Price Group, (88) T. Rowe Price, T. Rowe Price Group, (89) T. Rowe Price, T. Rowe Price Group, (90) T. Rowe Price, T. Rowe Price Group, (91) T. Rowe Price, T. Rowe Price Group, (92) T. Rowe Price, T. Rowe Price Group, (93) T. Rowe Price, T. Rowe Price Group, (94) T. Rowe Price, T. Rowe Price Group, (95) T. Rowe Price, T. Rowe Price Group, (96) T. Rowe Price, T. Rowe Price Group, (97) T. Rowe Price, T. Rowe Price Group, (98) T. Rowe Price, T. Rowe Price Group, (99) T. Rowe Price, T. Rowe Price Group, (100)

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

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

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

Visit troweprice.com/broadrange

# 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.

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

T. Rowe Price Equity Funds, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date 1-800-555-5336, 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 possible loss of personal investment. 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 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

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

---

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

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Large-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;(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;(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;(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;(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;(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;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

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

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Large-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;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;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; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

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

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

**TRADED FUNDS** 

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

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

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

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

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

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

------

communications made by the Price Funds.

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

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

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

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

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

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

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

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

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

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

------

investigating and enforcing the Price Funds S-O Code:

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

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

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

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

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

Adoption Date: 10/22/03

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

------

## 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