T.
ROWE
PRICE
Equity
Income
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.9%
COMMUNICATION
SERVICES
5.8%
Diversified
Telecommunication
Services
0.8%
AT&T
1,500,000
28,875
Verizon
Communications
2,880,000
112,003
140,878
Entertainment
1.4%
Walt
Disney (1)
2,245,000
224,792
224,792
Interactive
Media
&
Services
0.9%
Meta
Platforms,
Class
A (1)
715,000
151,537
151,537
Media
2.7%
Comcast,
Class
A
4,150,000
157,326
News,
Class
A
14,360,000
247,997
News,
Class
B
1,308,241
22,803
Paramount
Global,
Class
B
680,000
15,171
443,297
Total
Communication
Services
960,504
CONSUMER
DISCRETIONARY
3.6%
Broadline
Retail
0.5%
Kohl's
3,180,000
74,857
74,857
Hotels,
Restaurants
&
Leisure
1.2%
Las
Vegas
Sands (1)
3,540,000
203,373
203,373
Leisure
Products
0.7%
Mattel (1)
6,270,000
115,431
115,431
Specialty
Retail
1.2%
Best
Buy
940,000
73,574
TJX
1,630,000
127,727
201,301
Total
Consumer
Discretionary
594,962
CONSUMER
STAPLES
7.3%
Beverages
0.5%
Constellation
Brands,
Class
A
400,000
90,356
90,356
T.
ROWE
PRICE
Equity
Income
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Consumer
Staples
Distribution
&
Retail
1.0%
Walmart
1,125,000
165,881
165,881
Food
Products
2.6%
Conagra
Brands
7,060,000
265,174
Mondelez
International,
Class
A
330,000
23,008
Tyson
Foods,
Class
A
2,430,000
144,147
432,329
Household
Products
1.5%
Kimberly-Clark
1,840,000
246,965
246,965
Tobacco
1.7%
Philip
Morris
International
2,955,000
287,374
287,374
Total
Consumer
Staples
1,222,905
ENERGY
8.2%
Oil,
Gas
&
Consumable
Fuels
8.2%
Chevron
360,000
58,738
Enbridge
1,150,000
43,872
EOG
Resources
1,480,000
169,652
Exxon
Mobil
2,335,000
256,056
Hess
1,090,000
144,251
Suncor
Energy
280,000
8,694
TC
Energy
4,370,000
170,037
TotalEnergies
(EUR)
6,650,000
392,109
TotalEnergies,
ADR
1,790,000
105,699
Williams
630,000
18,812
Total
Energy
1,367,920
FINANCIALS
19.8%
Banks
7.5%
Bank
of
America
2,870,000
82,082
Citigroup
1,620,000
75,962
Fifth
Third
Bancorp
6,040,000
160,906
Huntington
Bancshares
15,560,000
174,272
JPMorgan
Chase
1,130,000
147,250
PNC
Financial
Services
Group
390,000
49,569
U.S.
Bancorp
2,990,000
107,790
Wells
Fargo
12,180,000
455,288
1,253,119
Capital
Markets
2.4%
Carlyle
Group
1,620,000
50,317
Charles
Schwab
1,390,000
72,808
T.
ROWE
PRICE
Equity
Income
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Franklin
Resources
570,000
15,356
Goldman
Sachs
Group
225,000
73,600
Morgan
Stanley
1,315,000
115,457
Raymond
James
Financial
410,000
38,240
State
Street
530,000
40,116
405,894
Financial
Services
2.7%
Apollo
Global
Management
590,000
37,265
Equitable
Holdings
9,480,000
240,697
Fiserv (1)
1,580,000
178,587
456,549
Insurance
7.2%
American
International
Group
6,660,000
335,397
Chubb
1,665,000
323,310
Hartford
Financial
Services
Group
2,240,000
156,105
Loews
2,840,000
164,777
MetLife
3,920,000
227,125
1,206,714
Total
Financials
3,322,276
HEALTH
CARE
17.1%
Biotechnology
1.5%
AbbVie
1,245,000
198,415
Biogen (1)
195,000
54,216
252,631
Health
Care
Equipment
&
Supplies
4.6%
Becton
Dickinson
&
Company
1,120,000
277,245
GE
HealthCare
Technologies (1)
1,820,000
149,294
Medtronic
1,800,000
145,116
Zimmer
Biomet
Holdings
1,590,000
205,428
777,083
Health
Care
Providers
&
Services
5.1%
Cardinal
Health
1,125,000
84,937
Centene (1)
990,000
62,578
Cigna
Group
620,000
158,429
CVS
Health
2,220,000
164,968
Elevance
Health
830,000
381,642
852,554
Pharmaceuticals
5.9%
AstraZeneca,
ADR
1,480,000
102,727
Johnson
&
Johnson
1,960,000
303,800
Merck
1,455,000
154,798
Pfizer
4,720,000
192,576
T.
ROWE
PRICE
Equity
Income
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sanofi
(EUR)
1,135,000
123,123
Sanofi,
ADR
670,000
36,461
Viatris
8,290,000
79,750
993,235
Total
Health
Care
2,875,503
INDUSTRIALS
&
BUSINESS
SERVICES
11.3%
Aerospace
&
Defense
2.6%
Boeing (1)
795,000
168,882
L3Harris
Technologies
1,345,000
263,943
432,825
Air
Freight
&
Logistics
1.8%
United
Parcel
Service,
Class
B
1,545,000
299,715
299,715
Commercial
Services
&
Supplies
0.5%
Stericycle (1)
1,970,000
85,912
85,912
Industrial
Conglomerates
4.4%
3M
305,000
32,059
General
Electric
5,125,000
489,950
Siemens
(EUR)
1,320,000
213,845
735,854
Machinery
1.3%
Cummins
210,000
50,165
Flowserve
380,000
12,920
Stanley
Black
&
Decker
1,880,000
151,490
214,575
Passenger
Airlines
0.7%
Southwest
Airlines
3,810,000
123,977
123,977
Total
Industrials
&
Business
Services
1,892,858
INFORMATION
TECHNOLOGY
7.2%
Communications
Equipment
0.3%
Cisco
Systems
990,000
51,752
51,752
Electronic
Equipment,
Instruments
&
Components
0.3%
TE
Connectivity
385,000
50,493
50,493
IT
Services
0.2%
Accenture,
Class
A
140,000
40,013
40,013
T.
ROWE
PRICE
Equity
Income
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Semiconductors
&
Semiconductor
Equipment
4.5%
Applied
Materials
1,275,000
156,608
QUALCOMM
3,290,000
419,738
Texas
Instruments
905,000
168,339
744,685
Software
1.6%
Microsoft
905,000
260,911
260,911
Technology
Hardware,
Storage
&
Peripherals
0.3%
Samsung
Electronics
(KRW)
1,080,000
53,407
53,407
Total
Information
Technology
1,201,261
MATERIALS
3.9%
Chemicals
2.6%
CF
Industries
Holdings
3,950,000
286,335
DuPont
de
Nemours
130,000
9,330
International
Flavors
&
Fragrances
1,060,000
97,478
RPM
International
545,000
47,546
440,689
Containers
&
Packaging
1.3%
International
Paper
6,160,000
222,130
222,130
Total
Materials
662,819
REAL
ESTATE
3.9%
Health
Care
Real
Estate
Investment
Trusts
0.1%
Welltower,
REIT
330,000
23,658
23,658
Office
Real
Estate
Investment
Trusts
0.0%
Vornado
Realty
Trust,
REIT
280,000
4,304
4,304
Residential
Real
Estate
Investment
Trusts
1.4%
Equity
Residential,
REIT
3,810,000
228,600
228,600
Specialized
Real
Estate
Investment
Trusts
2.4%
Rayonier,
REIT
4,230,000
140,690
Weyerhaeuser,
REIT
8,640,000
260,323
401,013
Total
Real
Estate
657,575
T.
ROWE
PRICE
Equity
Income
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UTILITIES
7.8%
Electric
Utilities
3.6%
NextEra
Energy
760,000
58,581
PG&E (1)
1,500,000
24,255
Southern
7,460,000
519,067
601,903
Multi-Utilities
4.2%
Ameren
1,325,000
114,467
Dominion
Energy
4,430,000
247,681
NiSource
1,530,000
42,779
Sempra
Energy
2,005,000
303,076
708,003
Total
Utilities
1,309,906
Total
Common
Stocks
(Cost
$11,842,085)
16,068,489
CONVERTIBLE
PREFERRED
STOCKS
0.9%
HEALTH
CARE
0.4%
Health
Care
Equipment
&
Supplies
0.4%
Becton
Dickinson
&
Company,
Series
B,
6.00%,
6/1/23
1,320,000
66,284
Total
Health
Care
66,284
UTILITIES
0.5%
Electric
Utilities
0.2%
NextEra
Energy,
6.926%,
9/1/25
710,000
32,908
32,908
Multi-Utilities
0.3%
NiSource,
7.75%,
3/1/24
520,000
54,109
54,109
Total
Utilities
87,017
Total
Convertible
Preferred
Stocks
(Cost
$152,624)
153,301
PREFERRED
STOCKS
2.0%
CONSUMER
DISCRETIONARY
2.0%
Automobiles
2.0%
Dr
Ing
hc
F
Porsche
(EUR) (1)
1,155,000
148,243
Volkswagen
(EUR)
1,330,000
181,508
Total
Consumer
Discretionary
329,751
Total
Preferred
Stocks
(Cost
$313,382)
329,751
T.
ROWE
PRICE
Equity
Income
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
0.9%
Money
Market
Funds
0.9%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (2)(3)
148,928,822
148,929
148,929
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
4.694%,
6/22/23
7,750,000
7,670
7,670
Total
Short-Term
Investments
(Cost
$156,597)
156,599
Total
Investments
in
Securities
99.7%
(Cost
$12,464,688)
$
16,708,140
Other
Assets
Less
Liabilities
0.3%
45,365
Net
Assets
100.0%
$
16,753,505
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Seven-day
yield
(3)
Affiliated
Companies
ADR
American
Depositary
Receipts
EUR
Euro
KRW
South
Korean
Won
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Equity
Income
Fund
8
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2023.
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,
4.82%
$
—#
$
—
$
1,621+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
176,681
¤
¤
$
148,929^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$1,621
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
$148,929.
T.
ROWE
PRICE
Equity
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
Equity
Income
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
valuation
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 Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Equity
Income
Fund
10
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 Valuation
Designee
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
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
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.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
Equity
Income
Fund
11
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
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.
T.
ROWE
PRICE
Equity
Income
Fund
12
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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
the 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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
15,286,005
$
782,484
$
—
$
16,068,489
Convertible
Preferred
Stocks
—
153,301
—
153,301
Preferred
Stocks
—
329,751
—
329,751
Short-Term
Investments
148,929
7,670
—
156,599
Total
$
15,434,934
$
1,273,206
$
—
$
16,708,140
T.
ROWE
PRICE
Equity
Income
Fund
13
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F71-054Q1
03/23