T.
ROWE
PRICE
Equity
Income
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.6%
COMMUNICATION
SERVICES
4.6%
Diversified
Telecommunication
Services
0.7%
AT&T
1,450,000
25,520
Verizon
Communications
2,375,000
99,655
125,175
Entertainment
1.4%
Walt
Disney
2,110,000
258,180
258,180
Media
2.5%
Comcast,
Class
A
1,200,000
52,020
News,
Class
A
14,300,000
374,374
News,
Class
B
1,325,000
35,854
462,248
Total
Communication
Services
845,603
CONSUMER
DISCRETIONARY
2.5%
Broadline
Retail
0.5%
Kohl's
2,855,000
83,223
83,223
Hotels,
Restaurants
&
Leisure
1.1%
Las
Vegas
Sands
3,755,000
194,133
194,133
Leisure
Products
0.5%
Mattel (1)
4,700,000
93,107
93,107
Specialty
Retail
0.4%
Best
Buy
160,000
13,125
TJX
530,000
53,752
66,877
Total
Consumer
Discretionary
437,340
CONSUMER
STAPLES
8.1%
Beverages
0.1%
Constellation
Brands,
Class
A
70,000
19,023
19,023
Consumer
Staples
Distribution
&
Retail
1.4%
Dollar
General
310,000
48,379
Walmart
3,435,000
206,684
255,063
Food
Products
2.1%
Conagra
Brands
6,800,000
201,552
T.
ROWE
PRICE
Equity
Income
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Mondelez
International,
Class
A
196,476
13,753
Tyson
Foods,
Class
A
2,680,000
157,397
372,702
Household
Products
2.0%
Colgate-Palmolive
1,415,000
127,421
Kimberly-Clark
1,885,000
243,825
371,246
Personal
Care
Products
1.1%
Kenvue
9,250,000
198,505
198,505
Tobacco
1.4%
Philip
Morris
International
2,820,000
258,368
258,368
Total
Consumer
Staples
1,474,907
ENERGY
8.8%
Energy
Equipment
&
Services
0.2%
Baker
Hughes
1,025,000
34,338
34,338
Oil,
Gas
&
Consumable
Fuels
8.6%
Chevron
220,000
34,703
ConocoPhillips
515,000
65,549
Enbridge
2,810,000
101,666
EOG
Resources
990,000
126,562
EQT
3,135,000
116,214
Exxon
Mobil
2,415,000
280,719
Hess
800,000
122,112
Suncor
Energy
3,015,000
111,284
TC
Energy
1,425,000
57,285
TotalEnergies
(EUR)
5,690,000
391,412
TotalEnergies,
ADR
1,075,000
73,992
Williams
2,170,000
84,565
1,566,063
Total
Energy
1,600,401
FINANCIALS
23.3%
Banks
9.1%
Bank
of
America
2,515,000
95,369
Citigroup
3,030,000
191,617
Fifth
Third
Bancorp
6,270,000
233,307
Huntington
Bancshares
12,780,000
178,281
JPMorgan
Chase
1,180,000
236,354
U.S.
Bancorp
4,180,000
186,846
T.
ROWE
PRICE
Equity
Income
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Wells
Fargo
9,310,000
539,607
1,661,381
Capital
Markets
2.5%
Bank
of
New
York
Mellon
620,000
35,724
Charles
Schwab
4,005,000
289,722
Goldman
Sachs
Group
155,000
64,742
Morgan
Stanley
715,000
67,324
457,512
Financial
Services
3.2%
Apollo
Global
Management
465,000
52,289
Equitable
Holdings
7,975,000
303,130
Fiserv (1)
1,370,000
218,953
574,372
Insurance
8.5%
American
International
Group
5,620,000
439,315
Chubb
1,535,000
397,765
Hartford
Financial
Services
Group
2,255,000
232,378
Loews
2,425,000
189,853
MetLife
3,810,000
282,359
1,541,670
Total
Financials
4,234,935
HEALTH
CARE
15.6%
Biotechnology
0.8%
AbbVie
515,000
93,781
Biogen (1)
250,000
53,908
147,689
Health
Care
Equipment
&
Supplies
4.4%
Becton
Dickinson
&
Company
1,245,000
308,075
GE
HealthCare
Technologies
835,000
75,910
Medtronic
1,770,000
154,256
Zimmer
Biomet
Holdings
1,990,000
262,640
800,881
Health
Care
Providers
&
Services
5.2%
Cardinal
Health
240,000
26,856
Centene (1)
470,000
36,886
Cigna
Group
620,000
225,178
CVS
Health
2,590,000
206,578
Elevance
Health
848,000
439,722
Humana
37,500
13,002
948,222
Pharmaceuticals
5.2%
AstraZeneca,
ADR
1,950,000
132,113
T.
ROWE
PRICE
Equity
Income
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Bristol-Myers
Squibb
1,275,000
69,143
Johnson
&
Johnson
1,240,000
196,156
Merck
1,350,000
178,132
Pfizer
4,155,000
115,301
Sanofi
(EUR)
1,020,000
99,230
Sanofi,
ADR
330,000
16,038
Viatris
11,030,000
131,698
937,811
Total
Health
Care
2,834,603
INDUSTRIALS
&
BUSINESS
SERVICES
12.3%
Aerospace
&
Defense
2.9%
Boeing (1)
1,135,000
219,044
L3Harris
Technologies
1,450,000
308,995
528,039
Air
Freight
&
Logistics
0.9%
United
Parcel
Service,
Class
B
1,150,000
170,924
170,924
Commercial
Services
&
Supplies
0.3%
Stericycle (1)
1,025,000
54,069
54,069
Ground
Transportation
1.2%
Norfolk
Southern
555,000
141,453
Union
Pacific
335,000
82,386
223,839
Industrial
Conglomerates
4.3%
3M
465,000
49,323
General
Electric
2,510,000
440,580
Honeywell
International
285,000
58,496
Siemens
(EUR)
1,180,000
225,308
773,707
Machinery
1.9%
Cummins
340,000
100,181
Flowserve
51,497
2,353
Stanley
Black
&
Decker
2,555,000
250,211
352,745
Passenger
Airlines
0.8%
Southwest
Airlines
5,060,000
147,701
147,701
Total
Industrials
&
Business
Services
2,251,024
T.
ROWE
PRICE
Equity
Income
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
9.5%
Communications
Equipment
0.2%
Cisco
Systems
635,000
31,693
31,693
Electronic
Equipment,
Instruments
&
Components
0.6%
TE
Connectivity
730,000
106,025
106,025
IT
Services
0.5%
Accenture,
Class
A
250,000
86,653
86,653
Semiconductors
&
Semiconductor
Equipment
5.5%
Advanced
Micro
Devices (1)
90,000
16,244
Applied
Materials
1,150,000
237,164
Intel
1,385,000
61,175
QUALCOMM
3,195,000
540,914
Texas
Instruments
860,000
149,821
1,005,318
Software
1.7%
Microsoft
715,000
300,815
300,815
Technology
Hardware,
Storage
&
Peripherals
1.0%
Samsung
Electronics
(KRW)
2,995,000
183,315
183,315
Total
Information
Technology
1,713,819
MATERIALS
3.0%
Chemicals
1.9%
CF
Industries
Holdings
3,730,000
310,374
International
Flavors
&
Fragrances
380,000
32,676
343,050
Containers
&
Packaging
1.1%
International
Paper
5,205,000
203,099
203,099
Total
Materials
546,149
REAL
ESTATE
4.0%
Industrial
Real
Estate
Investment
Trusts
0.2%
Rexford
Industrial
Realty,
REIT
880,000
44,264
44,264
Office
Real
Estate
Investment
Trusts
0.0%
Vornado
Realty
Trust,
REIT
280,000
8,056
8,056
T.
ROWE
PRICE
Equity
Income
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Residential
Real
Estate
Investment
Trusts
1.3%
Equity
Residential,
REIT
3,850,000
242,974
242,974
Specialized
Real
Estate
Investment
Trusts
2.5%
Rayonier,
REIT
4,335,000
144,095
Weyerhaeuser,
REIT
8,370,000
300,567
444,662
Total
Real
Estate
739,956
UTILITIES
5.9%
Electric
Utilities
3.1%
NextEra
Energy
1,980,000
126,542
PG&E
1,470,000
24,637
Southern
5,740,000
411,788
562,967
Multi-Utilities
2.8%
Ameren
1,805,000
133,497
Dominion
Energy
4,310,000
212,009
NiSource
1,015,000
28,075
Sempra
1,760,000
126,421
500,002
Total
Utilities
1,062,969
Total
Common
Stocks
(Cost
$11,560,721)
17,741,706
CONVERTIBLE
PREFERRED
STOCKS
0.2%
UTILITIES
0.2%
Electric
Utilities
0.2%
NextEra
Energy,
6.926%,
9/1/25
706,950
28,144
Total
Utilities
28,144
Total
Convertible
Preferred
Stocks
(Cost
$34,464)
28,144
PREFERRED
STOCKS
1.2%
CONSUMER
DISCRETIONARY
1.2%
Automobiles
1.2%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
1,140,000
113,382
Volkswagen
(EUR)
770,000
102,120
Total
Consumer
Discretionary
215,502
Total
Preferred
Stocks
(Cost
$209,238)
215,502
T.
ROWE
PRICE
Equity
Income
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
0.8%
Money
Market
Funds
0.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (2)(3)
154,481,252
154,481
Total
Short-Term
Investments
(Cost
$154,481)
154,481
Total
Investments
in
Securities
99.8%
(Cost
$11,958,904)
$
18,139,833
Other
Assets
Less
Liabilities
0.2%
44,956
Net
Assets
100.0%
$
18,184,789
‡
Shares
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,
2024.
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,
5.39%
$
—
$
—
$
1,876++
Totals
$
—#
$
—
$
1,876+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
143,611
¤
¤
$
154,481
Total
$
154,481^
#
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
$1,876
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
$154,481.
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.
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.
T.
ROWE
PRICE
Equity
Income
Fund
11
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
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
16,842,441
$
899,265
$
—
$
17,741,706
Convertible
Preferred
Stocks
—
28,144
—
28,144
Preferred
Stocks
—
215,502
—
215,502
Short-Term
Investments
154,481
—
—
154,481
Total
$
16,996,922
$
1,142,911
$
—
$
18,139,833
T.
ROWE
PRICE
Equity
Income
Fund
12
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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
03/24