T.
ROWE
PRICE
Value
Fund
September
30,
2022
(Unaudited)
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
92.6%
COMMUNICATION
SERVICES
3.8%
Entertainment
0.4%
Walt
Disney (1)
1,107,948
104,513
104,513
Interactive
Media
&
Services
3.4%
Alphabet,
Class
C (1)
8,935,931
859,190
Meta
Platforms,
Class
A (1)
253,000
34,327
893,517
Total
Communication
Services
998,030
CONSUMER
DISCRETIONARY
3.9%
Hotels,
Restaurants
&
Leisure
2.2%
Hilton
Worldwide
Holdings
43,600
5,259
Marriott
International,
Class
A
253,693
35,553
McDonald's
1,559,466
359,831
Yum!
Brands
1,817,141
193,235
593,878
Multiline
Retail
0.9%
Dollar
General
1,004,559
240,954
240,954
Specialty
Retail
0.8%
Ross
Stores
1,068,223
90,019
TJX
2,060,188
127,979
217,998
Total
Consumer
Discretionary
1,052,830
CONSUMER
STAPLES
9.4%
Beverages
2.5%
Coca-Cola
1,889,363
105,842
Keurig
Dr
Pepper
11,636,320
416,813
Monster
Beverage (1)
1,626,174
141,412
664,067
Food
&
Staples
Retailing
1.8%
Walmart
3,580,565
464,399
464,399
Food
Products
1.2%
Mondelez
International,
Class
A
5,658,962
310,281
310,281
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Household
Products
1.3%
Procter
&
Gamble
2,717,046
343,027
343,027
Tobacco
2.6%
Philip
Morris
International
8,335,313
691,914
691,914
Total
Consumer
Staples
2,473,688
ENERGY
4.9%
Oil,
Gas
&
Consumable
Fuels
4.9%
Exxon
Mobil
8,617,925
752,431
TC
Energy
4,310,505
173,670
TotalEnergies
(EUR)
6,187,410
290,280
Williams
2,692,484
77,086
Total
Energy
1,293,467
FINANCIALS
14.3%
Banks
5.8%
Bank
of
America (2)
24,989,429
754,681
JPMorgan
Chase
546,652
57,125
Wells
Fargo
17,819,111
716,685
1,528,491
Capital
Markets
0.2%
Charles
Schwab
768,379
55,223
55,223
Diversified
Financial
Services
0.1%
Corebridge
Financial (1)
1,426,391
28,086
28,086
Insurance
8.2%
Allstate
475,900
59,264
American
International
Group
3,586,943
170,308
Chubb
3,768,830
685,475
Hartford
Financial
Services
Group
1,603,915
99,346
MetLife
4,175,975
253,816
Progressive
3,754,108
436,265
Travelers
2,958,048
453,173
2,157,647
Total
Financials
3,769,447
HEALTH
CARE
24.5%
Biotechnology
2.1%
AbbVie
3,550,300
476,486
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Regeneron
Pharmaceuticals (1)
98,957
68,168
544,654
Health
Care
Equipment
&
Supplies
5.8%
Abbott
Laboratories
2,729,409
264,098
Becton
Dickinson
&
Company
5,081,010
1,132,201
STERIS
47,632
7,920
Stryker
631,678
127,940
1,532,159
Health
Care
Providers
&
Services
8.3%
Centene (1)
6,539,954
508,874
Cigna
486,855
135,088
Elevance
Health
2,338,701
1,062,331
HCA
Healthcare
926,834
170,343
UnitedHealth
Group
618,424
312,329
2,188,965
Life
Sciences
Tools
&
Services
3.4%
Danaher
1,626,949
420,225
PerkinElmer
944,703
113,676
Thermo
Fisher
Scientific
714,331
362,301
896,202
Pharmaceuticals
4.9%
AstraZeneca,
ADR
7,426,012
407,242
Johnson
&
Johnson (2)
4,623,919
755,363
Sanofi,
ADR
3,589,730
136,482
1,299,087
Total
Health
Care
6,461,067
INDUSTRIALS
&
BUSINESS
SERVICES
10.4%
Aerospace
&
Defense
2.9%
L3Harris
Technologies
2,204,064
458,071
Northrop
Grumman
670,138
315,179
773,250
Commercial
Services
&
Supplies
0.8%
Republic
Services
1,565,501
212,971
212,971
Electrical
Equipment
2.4%
Eaton
2,521,379
336,251
Hubbell
1,286,628
286,918
623,169
Industrial
Conglomerates
2.8%
General
Electric (2)
6,014,855
372,379
Honeywell
International
1,491,871
249,098
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Siemens
(EUR)
1,279,153
125,028
746,505
Machinery
0.2%
Ingersoll
Rand (2)
1,515,076
65,542
65,542
Road
&
Rail
1.3%
CSX
9,503,997
253,187
Norfolk
Southern
269,437
56,487
Union
Pacific
133,294
25,968
335,642
Total
Industrials
&
Business
Services
2,757,079
INFORMATION
TECHNOLOGY
6.5%
Communications
Equipment
0.8%
Motorola
Solutions
937,241
209,914
209,914
Electronic
Equipment,
Instruments
&
Components
0.0%
Corning
328,133
9,522
TE
Connectivity
41,346
4,563
14,085
IT
Services
1.3%
Fiserv (1)
3,576,052
334,611
334,611
Semiconductors
&
Semiconductor
Equipment
3.1%
Analog
Devices (2)
178,051
24,810
Broadcom
417,618
185,426
KLA
1,269,034
384,048
QUALCOMM
1,646,173
185,985
Texas
Instruments
224,700
34,779
815,048
Software
1.3%
Microsoft
1,427,821
332,540
332,540
Total
Information
Technology
1,706,198
MATERIALS
1.2%
Chemicals
1.2%
Nutrien
3,976,337
331,547
Total
Materials
331,547
REAL
ESTATE
2.1%
Equity
Real
Estate
Investment
Trusts
2.1%
AvalonBay
Communities,
REIT (2)
480,268
88,461
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Equity
Residential,
REIT (2)
1,072,618
72,101
Prologis,
REIT
3,076,566
312,579
Weyerhaeuser,
REIT
2,730,000
77,969
Total
Real
Estate
551,110
UTILITIES
11.6%
Electric
Utilities
6.3%
American
Electric
Power
3,676,562
317,839
Duke
Energy
650,190
60,481
Exelon
3,443,376
128,989
FirstEnergy
1,199,700
44,389
Southern
13,890,135
944,529
Xcel
Energy
2,501,195
160,076
1,656,303
Multi-Utilities
5.3%
Ameren (2)
1,946,426
156,785
Dominion
Energy
8,819,508
609,516
DTE
Energy
1,162,177
133,709
NiSource
2,837,210
71,469
Sempra
Energy
2,691,818
403,611
WEC
Energy
Group
308,825
27,618
1,402,708
Total
Utilities
3,059,011
Total
Common
Stocks
(Cost
$24,831,132)
24,453,474
SHORT-TERM
INVESTMENTS
7.4%
Money
Market
Funds
7.4%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (3)(4)
1,945,688,143
1,945,688
Total
Short-Term
Investments
(Cost
$1,945,688)
1,945,688
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (3)(4)
9,037,275
9,037
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
9,037
Total
Securities
Lending
Collateral
(Cost
$9,037)
9,037
Total
Investments
in
Securities
100.0%
(Cost
$26,785,857)
$
26,408,199
Other
Assets
Less
Liabilities
0.0%
11,793
Net
Assets
100.0%
$
26,419,992
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2022.
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
EUR
Euro
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
$
—
$
—
$
6,104
++
Totals
$
—
#
$
—
$
6,104
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
$
114,116
¤
¤
$
1,954,725
Total
$
1,954,725
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$6,104
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$1,954,725.
T.
ROWE
PRICE
Value
Fund
Unaudited
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Value
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F107-054Q3
09/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
24,038,166
$
415,308
$
—
$
24,453,474
Short-Term
Investments
1,945,688
—
—
1,945,688
Securities
Lending
Collateral
9,037
—
—
9,037
Total
$
25,992,891
$
415,308
$
—
$
26,408,199