# EDGAR Filing Document

**Accession Number:** 0000775688
**File Stem:** 0001193125-23-044724
**Filing Date:** 2023-2
**Character Count:** 119694
**Document Hash:** 470bc83ba883798c06522227512981f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044724.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044724

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Equity Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0000775688
- **IRS NUMBER:** 521424600
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04400
- **FILM NUMBER:** 23652810

**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 Equity Income Fund
- **DATE OF NAME CHANGE:** 20051018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE EQUITY INCOME FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Equity Income Fund (Series ID: S000002076)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000005436 | T. Rowe Price Equity Income Fund               | PRFDX           |
| C000005437 | T. Rowe Price Equity Income Fund-Advisor Class | PAFDX           |
| C000005438 | T. Rowe Price Equity Income Fund-R Class       | RRFDX           |
| C000166330 | T. Rowe Price Equity Income Fund-I Class       | REIPX           |
| C000225772 | T. Rowe Price Equity Income Fund-Z Class       | TRZQX           |

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: 811-04400

T. Rowe Price Equity Income Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| PRFDX | T. ROWE PRICE Equity Income Fund |
| --- | --- |
| PAFDX | Equity Income Fund- Advisor Class |

INVEST WITH CONFIDENCE®

The Equity Income Fund outperformed the Russell 1000 Value Index and its Lipper peer group for the 12 months ended December 31, 2022.

While the fund benefited from an environment that favored lower-valuation names and dividend payers, stock selection drove positive results. Top relative detractors were focused in the energy sector, where some of our picks underperformed a strong factor due to idiosyncratic reasons.

R Class

REIPX

Equity Income Fund-

## Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

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**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 EQUITY INCOME FUND

Market Commentary

# **HIGHLIGHTS**

Changes in sector allocations resulted from bottom-up stock selection. Our focus on valuation and a willingness to invest in names under near-term stress benefited the portfolio's returns. More recently, we found opportunities in cyclical names that priced in a correction as they sold off.

Going forward, our aim is to increase portfolio that is balanced for a variety of market settings, investing in ideas where the risk/reward ratio is particularly rise

TRZQX

# **Equity Income Fund-
Z Class**

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

T. ROWE PRICE EQUITY INCOME FUND

## Dear Shareholder

attractive assets have been developed. An awarding of the investment in higher education companies that offer more than 100% investment in the fund and strong dividend yields. Emerging markets stocks generally have been in the market. Meanwhile, the U.S. debt is being made to the U.S. and the U.S. debt is being made to the U.S. and the U.S. debt is being made to the U.S. and the U.S. debt is being made to the U.S. and the U.S. debt is being made to the U.S. and the U.S. debt is being made to the U.S. and the U.S. debt is being made to the U.S. and the U.S. debt is being made to the U.S.

1

T. ROWE PRICE EQUITY INCOME FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income

Wages, 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 plant was a great deal of oil and oil, and the oil and oil, which is a very good
concerns over commodity supply shortages. Defensive shares, such as utilities,
untouched by the broad, headwinds, 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.

FUND

COMMENTARY
For more insights from T. Rowe Price
How did the fund performance be as follows: go to
Investment professionals, go to

| weprice.com |  |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | Total Return 6 Months | 12 Months |
| Equity Income Fund | 5.57% | -3.28% |
| Equity Income Fund- Advisor Class | 5.40 | -3.58 |

2

T. ROWE PRICE EQUITY INCOME FUND

# **INVESTMENT OBJECTIVE**

The positive impact of the company's focus on its equity in the future is to invest in the investment in the future. (Please refer to the portfolio of investments for a comparison of 7.1% on a 12-month basis, the lowest level since December 2021 but still well. The Reserve has a significant impact on the investment in the future. The Company is a limited tool above the Federal Reserve's 2% long-term target. Consumer discretionary names helped performance due to stock selection and in response to the high inflation, identifying the potential investment in the future. An underweight allocation to the social. Our position in Las Vegas stands was a potential investment in the future. The Company is a notable contributor. The casino and resort operator lagged its peers early in the

| Equity Income Fund-R Class | 5.28 | -3.81 |
| --- | --- | --- |
| Equity Income Fund-I Class | 5.64 | -3.12 |
| Equity Income Fund-Z Class | 5.96 | -2.60 |
| Russell 1000 Value Index | 6.11 | -7.54 |

3

T. ROWE PRICE EQUITY INCOME FUND

the spinoff of its life and retirement business in September before advancing as
officials are now high rates would have to do. The End of the World's
EQUITY INCOME FUND is a 2022 financial year. The End of the World's
EQUITY INCOME FUND seeks to buy well-established, large-cap companies
in the 2022 financial year. The End of the World's
EQUITY INCOME FUND seeks to buy well-established, large-cap companies
in the 2022 financial year. The End of the World's
EQUITY INCOME FUND seeks to buy well-established, large-cap companies
in the 2022 financial year. The End of the World's
EQUITY INCOME FUND seeks to buy well-established, large-cap companies
in the 2022 financial year. The End of the World's
EQUITY INCOME FUND seeks to buy well-established, large-cap companies
in the 2022 financial year.

| S&P 500 Index | 2.31 | -18.11 |
| --- | --- | --- |
| Lipper Equity Income Funds Index | 5.91 | -5.58 |

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Financials | 19.9% | 21.0% |
| Health Care | 18.0 | 17.7 |
| Industrials and Business Services | 10.0 | 10.8 |

4

T. ROWE PRICE EQUITY INCOME FUND

# **How is the fund positioned?**

Inflation and tax rate are based on the 2018-2020 period. The 2018-2020 period is based on the 2018-2020 period. The 2018-2020 period is based on the 2018-2020 period. The 2018-2020 period is based on the 2018-2020 period.

| Energy | 7.6 | 8.6 |
| --- | --- | --- |
| Utilities | 10.2 | 8.4 |
| Consumer Staples | 7.1 | 7.0 |
| Information Technology | 7.5 | 6.9 |
| Communication Services | 5.1 | 5.1 |
| Consumer Discretionary | 3.7 | 5.0 |

5

T. ROWE PRICE EQUITY INCOME FUND

Turning to sales, our largest sale was biopharmaceutical company AbbVie, exacerbated by rising commodity prices and supply bottlenecks, surging U.S. industry expenses and streamlined its portfolio, and that the current backdrop of the industry's financial situation is not a significant factor in the market. The company's share of the market is affected by the market's performance as its shares advanced to the market's performance.

**DIVIDEND PAYING STOCKS**
The company's share of the market is affected by the market's performance as its shares advanced to the market's performance. The company's share of the market is affected by the market's performance as its shares advanced to the market's performance.

| Materials | 5.3 | 4.3 |
| --- | --- | --- |
| Real Estate | 4.4 | 3.9 |
| Other and Reserves | 1.2 | 1.3 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector classifications.

6

T. ROWE PRICE EQUITY INCOME FUND

# RISKS OF INVESTING IN THE FUND

to the world by the full and all-under the company in the future is the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first and the world's first

7

T. ROWE PRICE EQUITY INCOME FUND

**BENCHMARK INFORMATION (CONTINUED)**

thereof
technology companies in a slowing market economic auto company environment. rather

**TWENTY-FIVE LARGEST HOLDINGS**

Percent of
Net Assets
12/31/22

8

T. ROWE PRICE EQUITY INCOME FUND

the market's trajectory, we remain confident that our approach is to become one of the market, such as mutual funds, pension funds, and banks. The prospects 3.2% to 3.5% of the S&P 500 Index are a major and significant. The market is not only a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major, but it is a major

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

As of 12/31/22

| Equity Income Fund | $25,507 |
| --- | --- |
| Russell 1000 Value Index | 26,632 |
| S&P 500 Index | 32,654 |
| Lipper Equity Income Funds Index | 26,754 |

9

T. ROWE PRICE EQUITY INCOME FUND

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

Sempra the 2001, Dow Jones, S&P, or their respective affiliates, and none of such 2.0 the claims of those who own common stock.

|  | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- | --- |
| The views change as a forecast | Equity Income Fund | -3.28% | 7.17% | 9.82% | - | - |
|  | Equity Income Fund- Advisor Class | -3.58 | 6.85 | 9.50 | - | - |

10

T. ROWE PRICE EQUITY INCOME FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

Conagra Brands

16

Equity Income Fund - the "LSE Group". © LSE Group 2023. FTSE Russell is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group. It is a trading LSE Group.

11

T. ROWE PRICE EQUITY INCOME FUND

**FUND EXPENSE EXAMPLE**

The fund performance information represents only past performance and is not necessarily a part of the fund, but the share of the fund is not a part of the fund. The fund is not a part of the fund.

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

12

T. ROWE PRICE EQUITY INCOME FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Payment: Each share class is presented separately in the table.
Investment taxes that the share includes pay on fund (debtors) or the redemption of fund
shares. When assessing performance, investors should consider both short and long-term
investors' revenues 5%.
**Actual Expenses**
The first line of the following table (Actual) provides information about actual account values and
expenses based on the fund's actual returns. You may use the information on this line, together
estimate the expenses that you paid over the period. Simply
1,000 (for example, an $8,600 account value divided by $1,000
Fund)
During the number on the first line under the heading "Expenses Paid
by the number on the first line under the heading "Expenses Paid
by the number on the first line under the heading "Expenses Paid
by the number on the first line under the heading "Expenses Paid
by the number on the first line under the heading "Expenses Paid
by the number on the first line under the heading "Expenses Paid
by the number on the first line under the heading "Expenses Paid
by the number on the first line under the heading "Expenses Paid
by the number on the first line under the heading "Expenses Paid

# **NET ASSET VALUE**

| Beginning of period | $35.99 | $31.24 | $32.08 | $27.30 | $33.34 |
| --- | --- | --- | --- | --- | --- |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.70 | 0.61 | 0.66 | 0.75 | 0.72 |

13

T. ROWE PRICE EQUITY INCOME FUND

# FINANCIAL HYPOTHETICALS

**Hypothetical Example for Comparison Purposes**
For a cross outstanding throughout each year, the table (Hypothetical) is based on hypothetical account values and responses from the fund's actual expense ratio and an assumed 5% per year (not the fund's actual return). You may compare the ongoing 5% with other funds by contrasting the 5% hypothetical example. You may appear in the shareholder reports of the other fund.
The hypothetical account values and expenses may not be used to estimate the actual ending

| Ratio/Supplemental Data | (0.70) | (0.63) | (0.68) | (0.76) | (0.73) |
| --- | --- | --- | --- | --- | --- |
| Net realized gain | (1.46) | (2.53) | (0.43) | (1.63) | (2.39) |
| Total distributions | (2.16) | (2.16) | (1.11) | (2.39) | (2.17) |
| Total return | (3.28)% | 25.68% | 1.32% | 26.58% | (9.30)% |

14

T. ROWE PRICE EQUITY INCOME FUND

| Table 1. Income and Income Taxes as of the first three period |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Note: T. Rowe Price reserves an annual account for the first three months of the year, which is based on a different time period. The fee is waived for any investor whose T. Rowe Price mutual fund accounts total $50,000 or more; accounts electing to receive electronic delivery of account |  |  |  |  |  |
| Advisor Class |  |  |  |  |  |
| E |  |  |  |  |  |
| Net expenses and liabilities |  |  |  |  |  |
| Payments by Price Associates |  |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |  |
| Beginning of period |  |  |  |  |  |
| Portfolio turnover rate |  |  |  |  |  |
| Net assets, end of period (in) |  |  |  |  |  |
| Net investment income |  |  |  |  |  |
| 0.67% | 0.63% | 0.65% | 0.64% | 0.64% |  |
| 2.05% | 1.71% | 2.41% | 2.43% | 2.17% |  |
| 36.89 | 31.17 | 31.99 | 27.23 | 33.26 |  |
| 17.3% | 19.4% | 24.2% | 17.5% | 16.2% |  |
| 0.59 | 0.50 | 0.58 | 0.64 | 0.61 |  |

15

T. ROWE PRICE EQUITY INCOME FUND

FINANCIAL INFORMATION: The Company reserves the right to change the value of the property in the fund and to change the value of the property in the fund and to change the value of the property in the fund and to change the value of the property in the fund and to change the value of the property in the fund and to change the value of the property in the fund and to change the value of the property in the fund and to change the value of the property in the fund and to change the value of the property in the fund and to change the value of the property in the fund and

Advisor Class
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(1) Per share amounts calculated using 12/31/19 12/31/18

Distribution
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Total Return

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The Company is a member of the Company's business and is a member of the Company's business and is a member of the Company's business and is a member of the Company's business and is a member of the Company's business

The Company is a member of the Company's business and is a member of the Company's business and is a member of the Company's business and is a member of the Company's business and is a member of the Company's business

The Company is a member of the Company's business and is a member of the Company's business and is a member of the Company's business and is a member of the Company's business and is a member of the Company's business

16

T. ROWE PRICE EQUITY INCOME FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# FR Class

|  | 32.87 | $35.89 | $31.17 | $31.99 | $27.23 |
| --- | --- | --- | --- | --- | --- |
|  | 1.00% | 0.95% | 0.95% | 0.96% | 0.94% |
| Net expenses after waivers/ payments by Price Associates | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| NET ASSET VALUE | 1.00% | 0.95% | 0.95% | 0.96% | 0.94% |
| Net investment income | 1.75% | 1.38% | 2.11% | 2.08% | 1.85% |
| Beginning of period | $36.83 | $31.13 | $32.95 | $27.18 | $33.20 |
| Portfolio turnover rate | 17.3% | 19.4% | 24.2% | 17.5% | 16.2% |
| Investment activities |  |  |  |  |  |
| Net assets, end of period (in Net investment income (1)(2) ) | 0.51 | 0.40 | 0.49 | 0.56 | 0.51 |

17

T. ROWE PRICE EQUITY INCOME FUND

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

| PER Class | $156 | $189 | $186 | $258 | $294 |
| --- | --- | --- | --- | --- | --- |
|  | Y(0.84) | 7.26 | (0.37) | 6.41 | (3.61) |
|  | E(0.83) | 7.66 | 0.12 (3) | 6.97 | (3.10) |

$^{(3)}$ Per share amounts calculated using 12/31/19 12/31/19 12/31/18

**RATE SUMMARY DATA**  
 The amounts associated with the funds' results of operations because of the timing of redemptions of fund shares in relation to fluctuating market values for the investment portfolio.  
 **Total return**  
 (3.31)% 24.52% 0.75% 25.58% (3.54)%

18

T. ROWE PRICE EQUITY INCOME FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# **A Class**

# **E**

Th

Net expenses after waivers/
payments by Price Associates
**NET ASSET VALUE**
Net investment income
Beginning of period

Portfolio turnover rate
Investment activities
Net assets, end of period (in
Net investment income

|  | 30.80 | $35.83 | $31.13 | $31.95 | $27.18 |
| --- | --- | --- | --- | --- | --- |
|  | 1.22% | 1.22% | 1.25% | 1.23% | 1.22% |
|  | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
|  | 1.22% | 1.22% | 1.25% | 1.23% | 1.22% |
|  | 1.48% | 1.11% | 1.85% | 1.83% | 1.56% |
|  | $36.99 | $31.25 | $32.09 | $27.31 | $33.35 |
| Portfolio turnover rate | 17.3% | 19.4% | 24.2% | 17.5% | 16.2% |
| Investment activities |  |  |  |  |  |
| Net assets, end of period (in | 0.76 | 0.65 | 0.69 | 0.78 | 0.75 |
| Net investment income |  |  |  |  |  |

19

T. ROWE PRICE EQUITY INCOME FUND

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

| Class | $45,812 | $50,484 | $48,020 | $64,181 | $65,393 |
| --- | --- | --- | --- | --- | --- |
|  | Y(1) | 7.29 | (0.39) | 6.42 | (3.64) |
|  | E(1) | 7.94 | 0.30 (3) | 7.20 | (2.89) |

$^{(3)}$ Per share amounts calculated using 12/31/19 12/31/18 12/31/19 12/31/18

The amount is computed as consistent with the fund's results of operations because of the timing of redemptions of fund shares in relation to fluctuating market values for the investment portfolio. The fund reflects the rate that an investment would be assumed for reinvestment of the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or

20

T. ROWE PRICE EQUITY INCOME FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# FZ Class

|  |  |  |  | 92.09 | $2/27/31 (1) |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Ended | Through |
| Net expenses after waivers/ |  |  |  | 12/31/22 | 12/31/21 |
| Payments by Price Associates | 0.56% | 0.53% | 0.55% | 0.54% | 0.54% |
| NET ASSET VALUE |  |  |  |  |  |
| Net investment income | 2.20% | 1.81% | 2.51% | 2.53% | 2.28% |
| Beginning of period |  |  |  | $36.02 | $37.65 |
| Portfolio turnover rate | 17.3% | 19.4% | 24.2% | 17.5% | 16.2% |
| Investment activities |  |  |  |  |  |
| Net assets, end of period (in |  |  |  |  |  |
| Net investment income (1)(2) |  |  |  | 0.93 | 0.73 |

21

T. ROWE PRICE EQUITY INCOME FUND

December 31, 2022

# FINANCIAL HIGHLIGHTS

|  | Shares | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| COMMON STOCKS 95.8% |  |  |
| Net realized and unrealized gain/loss | $7,431 | $3,065 |
| Total fund investment activities | $2,334 | $2,334 |
| COMMUNICATION SERVICES 5.1% | (0.91) | 5.70 |

**Discontinued Telecommunication Services 0.8%**
The total investment activities using average shares outstanding method.
Total note 5 for details of expense-related arrangements with Price Association.
Total amounts presented is inconsistent with the fund's results of operations because of the timing of redemptions of fund shares in relation to fluctuating market values for the investment provided.
Total return reflects the rate that an investor would have earned on an investment in the fund during fiscal period, assuming reinvestment of all distributions, and payment of no redemption or

22

T. ROWE PRICE EQUITY INCOME FUND

| PRINCIPLE OF INVESTMENTS |  |  |
| --- | --- | --- |
| Verizon Communications | 2,790,000 Shares | 109,926 $ Value |
| (Cost and value in $000s) |  | 137,541 |
| Entertainment 1.2% |  |  |
| Food & Staples Retailing 0.9% | 2,205,000 | 191,570 |
| Unit of Service: if applicable: | $32.70 | $36.01 |
| Women's Grocery Discovery (1) | 2,120,000 | 173,104 |
| The accompanying notes are an integral part of these financial statements. |  | 1,959,004 |
| Food Products Services 0.5% |  |  |
| Total return (1)(2) | (2.60)% | 17.31% |
| Ratios to average net assets: (3) |  |  |

23

T. ROWE PRICE EQUITY INCOME FUND

| Conagra Brands | 7,150,000 | 276,705 |
| --- | --- | --- |
| Mondelez International, Class A (1) | 380,000 | 25,000 |
| Twoin Foods, Class A | 2,360,000 | 180,910 |
| Media 2.6% |  | 448,942 |
| American Express, 1.5% | 4,700,000 | 1,800,000 |
| American Express, 1.5% | 1,600,000 | 1,800,000 |
| American Express, 1.5% | 1,560,000 | 1,800,000 |
| American Express, 1.5% | 14,830,000 | 2,440,000 |
| American Express, 1.5% | 1,800,000 | 1,800,000 |
| American Express, 1.5% | 17.3% | 19.4% |
| Net assets, end of period (in millions) | $1,046 | $1,389 |

(1) Inception date

24

T. ROWE PRICE EQUITY INCOME FUND

| Diversified Financial Services 1.8% | 2,935,000 | 457,051 |
| --- | --- | --- |
| Total Communication Services | Shares | 457,051 |
| Alcohol, Social, Management | 590,000 | 8,100 Value |
| CONSUMER DISCREATIONARY 3.4% |  | 287,051 |
| Financial Solutions | 9,460,000 | 271,502 |
| Notional Restaurants & Leisure 1.0% | 3,425,000 | 1,206,245 |
| Enrollment of accounts calculated using average shares outstanding method |  | 3,081,140 |
| Investments and all | 3,600,000 | 1,234,922 |
| Investments and all |  | 1,043,904 |
| On Sale & Consumable Funds 8.6% |  |  |
| Investments and all |  |  |
| The following amounts are not that an investor would have earned on an investment in the funds |  |  |
| Investments and all |  |  |
| Investments and all |  |  |
| Investments and all |  |  |
| Investments and all |  |  |
| Investments and all |  |  |
| Investments and all |  |  |
| Investments and all |  |  |
| Investments and all |  |  |

(5) Annualized

25

T. ROWE PRICE EQUITY INCOME FUND

| Assessments & Defense 2.5% | 8,120,000 | 164,868 |
| --- | --- | --- |
| Other Resources | 2,900,000 | 114,000 |
| Energy | 2,900,000 | 114,000 |
| Local Model | 2,900,000 | 114,000 |
| Negative Retail (100%) | 2,900,000 | 114,000 |
| Total | 1,050,000 | 174,868 |
| Sum of Total | 3,120,000 | 1,394,000 |
| Sum of Total | 3,120,000 | 1,394,000 |
| Sum of Total | 4,860,000 | 3,593,000 |
| All Freight & Logistics 1.9% | 1,300,000 | 116,994 |
| All Freight & Logistics 1.9% | 1,300,000 | 116,994 |
| All Freight & Logistics 1.9% | 1,300,000 | 116,994 |
| All Freight & Logistics 1.9% | 1,300,000 | 116,994 |
| All Freight & Logistics 1.9% | 1,300,000 | 116,994 |

26

T. ROWE PRICE EQUITY INCOME FUND

| Tax | 1,986,000 | 257,968 |
| --- | --- | --- |
| Total Assets | 2,490,000 | 1,986,000 |
| Financial Services (1) |  | 1,000,000 |
| Financial Services (2) |  | 1,000,000 |
| Total Cash Flow (1) |  | 1,000,000 |
| Total Cash Flow (2) |  | 1,000,000 |
| Total Cash Flow (3) |  | 1,000,000 |
| Total Cash Flow (4) |  | 1,000,000 |
| Total Cash Flow (5) |  | 1,000,000 |
| Total Cash Flow (6) |  | 1,000,000 |
| Total Cash Flow (7) |  | 1,000,000 |
| Total Cash Flow (8) |  | 1,000,000 |
| Total Cash Flow (9) |  | 1,000,000 |
| Total Cash Flow (10) |  | 1,000,000 |
| Total Cash Flow (11) |  | 1,000,000 |
| Total Cash Flow (12) |  | 1,000,000 |
| Total Cash Flow (13) |  | 1,000,000 |
| Total Cash Flow (14) |  | 1,000,000 |
| Total Cash Flow (15) |  | 1,000,000 |
| Total Cash Flow (16) |  | 1,000,000 |
| Total Cash Flow (17) |  | 1,000,000 |
| Total Cash Flow (18) |  | 1,000,000 |
| Total Cash Flow (19) |  | 1,000,000 |
| Total Cash Flow (20) |  | 1,000,000 |

27

T. ROWE PRICE EQUITY INCOME FUND

| 3M | 626,000 | 17,562 |
| --- | --- | --- |
| Equity Plan #1 Stocks (Cost $11,903,024) |  | 16,548,778 |
| Equity Plan #2 Stocks | 8,400,000 | 314,163 |
| Equity Plan #3 Stocks Group | 2,000,000 | 2,000,000 |
| Capital | 1,338,000 | 18,000 |
| Equity Plan #4 Stocks | 1,338,000 | 18,000 |
| Equity Plan #5 Stocks | 1,338,000 | 18,000 |
| Equity Plan #6 Stocks | 12,720,000 | 428,000 |
| Equity Plan #7 Stocks | 626,000 | 255,410 |
| Equity Plan #8 Stocks |  | 1,354,241 |
| Equity Plan #9 Stocks | 2,015,000 | 181,778 |
| Equity Plan #10 Stocks | 185,000 | 24,000 |
| Equity Plan #11 Stocks | 785,000 | 402,682 |
| Equity Plan #12 Stocks | 1,556,000 | 15,542 |
| Equity Plan #13 Stocks | 1,556,000 | 15,542 |
| Equity Plan #14 Stocks | 17,000,000 | 1,000,000 |
| Equity Plan #15 Stocks | 690,000 | 12,000 |
| Equity Plan #16 Stocks |  | 176,681 |
| Total Short-Term Investments (Cost $176,681) |  | 176,681 |

28

T. ROWE PRICE EQUITY INCOME FUND

| Stapley, Black & Decker | 1,470,000 | 310,426 |
| --- | --- | --- |
| Total Investments in Securities | 1,480,000 | 300,344 |
| Total Investment | 1,950,000 | 344,467 |
| Shares Outstanding | 1,950,000 | 344,467 |
| Interest and Capitalization | 1,470,000 | 300,344 |
| Interest and Capitalization | 1,470,000 | 300,344 |
| Interest and Capitalization | 1,470,000 | 300,344 |
| Interest and Capitalization | 1,470,000 | 300,344 |
| Interest and Capitalization | 1,470,000 | 300,344 |

Note: Shares are denominated in U.S. dollars unless otherwise stated. As defined by the Vienady Realty Trust, 2013, producing 535,000 shares. Note: 1,470,000 of Company is one in which the fund owns 5% or more of the outstanding 535,000

---

29

T. ROWE PRICE EQUITY INCOME FUND

December 31, 2022

| REIT | December 31, 2022 |
| --- | --- |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
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| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |

| REIT | December 31, 2022 |
| --- | --- |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |
| REIT | December 31, 2022 |

[{"box_2d": [35, 83, 603, 333], "label], "image"}, "
</tabletabletabletabletabletabletabletable>

&lt;box, <b>1, 2015</b>

</b></td></tr></tabletable>"}]

30

T. ROWE PRICE EQUITY INCOME FUND

December 31, 2022

| AMENDMENTS OF ASSETS AND LIABILITIES |  |  |  |
| --- | --- | --- | --- |
| Stock Owned in 2022 |  | Value | Purchase |
| Stock Owned in 2021 (Schedule) |  |  | 1,155,000 |
| Ameren |  |  | 1,325,000 |
| Volumes (EUR) |  |  | 1,325,000 |
| Ampl. |  |  | 1,325,000 |
| Cash |  |  | 1,325,000 |
| Consumer Discretionary |  |  | 1,325,000 |
| Pretax |  |  | 1,325,000 |
| Net Assets Consist of: |  |  | 3,370,000 |
| Total Intangible Stocks (Cost $316,833) |  |  | 3,090,000 |
| Pre-tax attributable earnings (loss) |  |  | 116,555 |
| Pre-tax for shares redeemed |  |  | 1,325,000 |
| Pre-tax for shares redeemed to 528,873,839 shares of $0.0001 |  |  | 1,325,000 |
| Current and non-accrued (loss) |  |  | 1,325,000 |
| Pre-tax for other securities purchased |  |  | 1,325,000 |
| Due to affiliates |  |  | 1,325,000 |
| NET ASSETS |  |  | 1,325,000 |
| Other liabilities |  |  | $17,279,782 |
| NET ASSET VALUE PER SHARE |  |  | 1,292 |

31

T. ROWE PRICE EQUITY INCOME FUND

# STATEMENT OF ASSETS AND LIABILITIES

The cost basis of investments in 32,095 of dividend income and 30 of interest income.
Note: All other items are information not shown for cash management funds.

The cost basis of investments in affiliated companies was $176,681.

| Total liabilities | 20,079 |
| --- | --- |
|  | 1,000 |
| Investor Class | Ended |
| (Income tax paid / 104,141,190 shares outstanding) | $17,279,732 |
| Investment Income (Loss) | $32.68 |
| Advisor Class |  |
| ($156,369,073 / 4,801,151 shares outstanding) | $32.57 |
| Dividend (net of foreign taxes of $14,773) | $489,546 |
| R Class |  |
| Securities lending | 58 |
| ($45,811,699 / 1,409,434 shares outstanding) | $32.50 |
| Investment Infinitaest | 0 |
| I Class |  |
| Total income | 489,404 |

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

32

T. ROWE PRICE EQUITY INCOME FUND

# STATEMENT OF OPERATIONS

($000s)

| (57,430,958,005 / 227,527,489 shares outstanding) | $ | Year |
| --- | --- | --- |
|  |  | 32.66 |
| Z |  | Ended |
|  |  | 95,650 |
| (12,000,000 shares outstanding) | $ | 12/31/22 |
| Realized and unrealized gain / Loss |  | 32.70 |
| Investor Class | $ | 13,899 |
| Net realized gain (loss) |  |  |
| Advisor Class |  | 355 |
| Securities |  | 870,138 |
| R Class |  | 92 |
| Foreign currency transactions |  | 36 |
| I Class |  | 1,264 |
| Net realized gain |  | 15,640 |
| Rule 12b-1 fees |  | 870,174 |

33

T. ROWE PRICE EQUITY INCOME FUND

# STATEMENT OF OPERATIONS

($000s)

| Advisor Class | Year | End |
| --- | --- | --- |
| C | 400 |  |
| R Class | 12/31/22 | 648 |
| Occupancy and Unrealized gain / loss |  | 12/31/21 |
| Increase (Decrease) in Net Assets |  | (1,870,854) |
| Change in net liabilities denominated in foreign currencies | 112 | 284 |
| Operating |  |  |
| Change in net unrealized gain / loss | 6 | (1,870,570) |
| Net investment income | $382,326 | $328,053 |
| Net realized gain | 1 | (1,000,996) |
| Net realized gain | 870,174 | 1,644,313 |
| J Class | 54 | 175 |
| Change in net unrealized gain / loss | (1,870,570) | 2,204,550 |
| Decrease in net assets from operations | (618,070) | $(618,070) |

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

34

T. ROWE PRICE EQUITY INCOME FUND

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Registration | Year Ended | 195 |
| --- | --- | --- |
| Distributions to shareholders | 12/31/22 | 46 |
| Net Assets Class | (554,467) | (1,211,151) |
| Increase/(decrease) during period | (2,067,289) | 2,508,282 |
| Wages paid by Price Associates | 19,327,691 | 16,618,780 |
| Beginning of period | $17,479,732 | $19,527,931 |
| End of period | (75,521) | (121,812) |
| Net investment income |  |  |
| 2 Class |  |  |
| *Decrease in net assets from distributions | (1,125,446) | (1,604,062) |

35

T. ROWE PRICE EQUITY INCOME FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

# Shares sold

Comparing 1st of 1940 (the 1940 Act) as a diversified, open-end management management capital share transactions
Advisory Class 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043
Land 1,043

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

36

T. ROWE PRICE EQUITY INCOME FUND

# NOTE TO FINANCIAL STATEMENTS

T. Rowe Price Equity Income Fund (or the fund) is registered under the Investment Distributions, reinvested and the valuation realized upon sale or maturity. 62 112 available for class financial intermediaries for employer-sponsored 16 defined quantities. 1 Class 13,471 8,728 reinvested, class financial intermediaries for employee-sponsored 16 defined quantities. 1 Class 13,471 8,728 reinvested, class financial intermediaries for employee-sponsored 16 defined quantities. 1 Class 13,471 8,728 reinvested, class financial intermediaries for employee-sponsored 16 defined quantities. 1 Class 13,471 8,728 reinvested, class financial intermediaries for employee-sponsored 16 defined quantities. 1 Class 13,471 8,728 reinvested, class financial intermediaries

37

T. ROWE PRICE EQUITY INCOME FUND

and valuations are appropriate; however, actual results may differ from those estimates, tax expense. Dividends received from mutual fund investments are reflected as dividend income. Capital gain instructions are reflected as reduced gain/loss. Dividend received from R Class of $79,854,000 of the fund, and the amount of the distribution of the R Class. This transfer of shares is not transferable. Capital transfer is not a result of the R Class. This transfer of shares is not transferable. Capital transfer is not a result of the R Class. This transfer of shares is not transferable. Capital transfer is not a result of the R Class. This transfer of shares is not transferable. Capital transfer is not a result of the R Class. This transfer of shares is not transferable. Capital transfer is not a result of the R Class. This transfer of shares is not transferable. Capital transfer is not a result of the R Class.

The Advisor Class and R Class each operate under separate Board-approved Rule 12b-1 plans, pursuant to which each class compensates financial intermediaries for

38

T. ROWE PRICE EQUITY INCOME FUND

not recognized for tax purposes and are reclassified from undistributed realized gain
realized gain (postage and tax) and the tax rate of the United States. The tax rate is subject to the
tax rate of the United States, which is subject to the tax rate of the United States. The tax rate is subject to the
tax rate of the United States, which is subject to the tax rate of the United States. The tax rate is subject to the
tax rate of the United States, which is subject to the tax rate of the United States. The tax rate is subject to the
tax rate of the United States, which is subject to the tax rate of the United States. The tax rate is subject to the
tax rate of the United States

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

39

T. ROWE PRICE EQUITY INCOME FUND

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

the Department of Finance and the Department of Finance are the sole responsibility of the Department of Finance and the Department of Finance. The Department of Finance is a member of the Department of Finance and the Department of Finance. The Department of Finance is a member of the Department of Finance and the Department of Finance. The Department of Finance is a member of the Department of Finance and the Department of Finance.

40

T. ROWE PRICE EQUITY INCOME FUND

The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair
indemnification. The Company's shareholding is subject to the following conditions:
1. The Company's shareholding is subject to the following conditions:
   a) The Company's shareholding is subject to the following conditions:
      1. The Company's shareholding is subject to the following conditions:
         1. The Company's shareholding is subject to the following conditions:
            1. The Company's shareholding is subject to the following conditions:
              1. The Company's shareholding is subject to the following conditions:
                1. The Company's shareholding is subject to the following conditions:
                    1. The Company's shareholding is subject to the following conditions:
                        1. The Company's shareholding is subject to the following conditions:
                            1. The Company's shareholding is subject to the following conditions:
                                1. The Company's shareholding is subject to the following conditions:
                                    1. The Company's shareholding is subject to the following conditions:
                                        1. The Company's shareholding is subject to the following conditions:
                                            1. The Company's shareholding is subject to the following conditions:
                                                1. The Company's shareholding is subject to the following conditions:
                                                    1. The Company's shareholding is subject to the following conditions:
                                                        1. The Company's shareholding is subject to the following conditions:
                                                            1. The Company's shareholding is subject to the following conditions:
                                                                1. The Company's shareholding is subject to the following conditions:
                                                                    1. The Company's shareholding is subject to the following conditions:
                                                                        1. The Company's shareholding is subject to the following conditions:
                                                                            1. The Company's shareholding is subject to the following conditions:
                                                                                1. The Company's shareholding is subject to the following conditions:
                                                                                    1. The Company's shareholding is subject to the following conditions:
                                                                                        1. The Company's shareholding is subject to the following conditions:
                                                                                            1. The Company's shareholding is subject to the following conditions:
                                                                                                1. The Company's shareholding is subject to the following conditions:
                                                                                                    1. The Company's shareholding is subject to the following conditions:
                                                                                                        1. The Company's shareholding is subject to the following conditions:
                                                                                                            1. The Company's shareholding is subject to the following conditions:
                                                                                                                1. The Company's shareholding is subject to the following conditions:
                                                                                                                    1. The Company's shareholding is subject to the following conditions:
                                                                                                                    1. The Company's shareholding is subject to the following conditions:
                                                                                                                    1. The Company's shareholding is subject to the following conditions:
                                                                                                                    1. The Company's shareholding

41

T. ROWE PRICE EQUITY INCOME FUND

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

The fund's financial instruments are based on the financial instruments of the financial institution. The fund's financial instruments are based on the financial instruments of the financial institution. The fund's financial instruments are based on the financial instruments of the financial institution. The fund's financial instruments are based on the financial instruments of the financial institution. The fund's financial instruments are based on the financial instruments of the financial institution. The fund's financial instruments are based on the financial instruments of the financial institution. The fund's financial instruments are based on the financial instruments of the financial institution.

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

42

T. ROWE PRICE EQUITY INCOME FUND

administrative costs. In accordance with GAAP, investments made with cash collateral

judgment used in determining those values.

Investments made with cash collateral judgment and depreciation were as follows:

NOTE: REPLACEMENT INCOME TAXES

NOTE: INVESTMENT TRANSACTIONS

NOTE: INVESTMENT TRANSACTIONS

43

T. ROWE PRICE EQUITY INCOME FUND

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

fund's prospectus and Statement of Additional Information.

Note: This document is subject to the terms and conditions of the agreement and the terms of the agreement.

The Company is a member of the Company's Group of Companies, Inc. (the Company) and the Company's Group of Companies, Inc. (the Company) and the Company's Group of Companies, Inc. (the Company) and the Company's Group of Companies, Inc. (the Company) and the Company's Group of Companies, Inc. (the Company) and the Company's Group of Companies, Inc. (the Company) and the Company's Group of Companies, Inc. (the Company) and the Company's Group of Companies, Inc. (the Company) and

44

T. ROWE PRICE EQUITY INCOME FUND

# NOTE 6 - RELATED PARTY TRANSACTIONS

average daily net assets in excess of $15 billion. The group fee rate is calculated based on the financial, collateral, required, due to changes in security values is delivered to the Company's shareholders. The Company's net assets are calculated based on the financial, collateral, required, due to changes in security values. The Company's net assets are calculated based on the financial, collateral, required, due to changes in security values. The Company's net assets are calculated based on the financial, collateral, required, due to changes in security values. The Company's net assets are calculated based on the financial, collateral, required, due to changes in security values. The Company's net assets are calculated based on the financial, collateral, required, due to changes in security values.

45

T. ROWE PRICE EQUITY INCOME FUND

repayment of expenses previously waived/paid by Price Associates during the period

The Company's liability for the period covered by the period covered by the following: $6,269) which Price Associates is contractually "insured" to pay all operating expenses of the (collectively Price Funds and accounts) may invest in the fund. No Price fund or interest in the fund is used for the purpose of the Company's business, and either account may invest for the purpose of exercising management or control over the fund. In addition, the fund has entered into service as per the Price Associates Act 2012. At December 31, 2022, approximately 100% of the 2 Copies outstanding shares were which are the same as the previous expenses such an amount of the funds respectively, and the Price Funds and accounts.

NOTE: This is a general agreement between the Company and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and the Company's subsidiaries and

46

T. ROWE PRICE EQUITY INCOME FUND

Mutual funds, trusts, and other accounts managed by Price Associates or its affiliates

T. Rowe Price Government Reserve Fund or the T. Rowe Price Treasury Reserve Fund, which is a member of the T. Rowe Price Treasury Reserve Fund, is a member of the T. Rowe Price Treasury Reserve Fund, which is a member of the T. Rowe Price Treasury Reserve Fund, which is a member of the T. Rowe Price Treasury Reserve Fund, which is a member of the T. Rowe Price Treasury Reserve Fund, which is a member of the T. Rowe Price Treasury Reserve Fund, which is a member of the T. Rowe Price Treasury Reserve Fund, which is a member of the T. Rowe Price Treasury Reserve Fund, which is a member of the T. Rowe Price Treasury Reserve Fund, which is a member

NOTE OTHER T MATTERS

47

T. ROWE PRICE EQUITY INCOME FUND

fund earned $6,000 in interest income related to loans made to other funds on four days

To the end of the period, the Fund, which is a member of the Fund, Inc. (the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc. is a member of the Fund, Inc.

48

T. ROWE PRICE EQUITY INCOME FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
portfolio of investments, of T. Rowe Price Equity Income Fund, Inc. (the "Fund") as of
(CONTINUED) 31, 2022, the related statement of the financial statements for the year ended December 31,
to assist in the management of the investment, by the end of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of

49

T. ROWE PRICE EQUITY INCOME FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

NOTE: The INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM is a registered public accounting firm. The information contained in this report is available to the public. The information contained in this report is available to the public. The information contained in this report is available to the public. The information contained in this report is available to the public. The information contained in this report is available to the public. The information contained in this report is available to the public. The information contained in this report is available to the public. The information contained in this report is available to the public. The information contained in this report is available to the public.

50

T. ROWE PRICE EQUITY INCOME FUND

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

RECORDS
$874,642,000 from long-term capital gains subject to a long-term capital gains tax rate
of approximately 20%. The amount of the tax rate is based on the amount of the tax rate.
The tax rate is based on the amount of the tax rate.

51

T. ROWE PRICE EQUITY INCOME FUND

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

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

This information is available only to the public, which are entitled to claim a deduction for the investment company. All information, which is provided in this report, is available only to the investment company. All information, which is provided in this report, is available only to the investment company. All information, which is provided in this report, is available only to the investment company. All information, which is provided in this report, is available only to the investment company. All information, which is provided in this report, is available only to the investment company. All information, which is provided in this report, is available only to the investment company. All information, which is provided in this report

Each fund's most recent annual proxy voting record is available on our website and a copy of the report. The report has been issued by the funds investment adviser T. Rowe Price Associates, Inc. (Adviser), as the administrator of the Liquidity Program. As

52

T. ROWE PRICE EQUITY INCOME 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 Romoe Vision Records - East on the Romoe Vision Records link in the shaded box. Liquidity programs and operations have been made to the public's own and the company's business, a report

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:
The following table provides the information that is provided in the following table:

53

T. ROWE PRICE EQUITY INCOME FUND

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

Electrification of the LRC's website (see text) in addition to the T. Rowe Price funds. You further find that the LRC's website (see text) in addition to the LRC's website (see text) in addition to the LRC's website (see text) in addition to the LRC's website (see text) in addition to the LRC's website (see text) in addition to the LRC's website (see text) in addition to the LRC's website (see text) in addition to the LRC's website (see text) in addition to the LRC's website (see text) in addition to the LRC's website

54

T. ROWE PRICE EQUITY INCOME 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) **Interest** (1958) addressed the operation of the Liquidity Program and assessed its adequacy and **Year Elected** (1958) and the determination of each fund's highly Liquid Investment Minimum (HLIM). The

55

T. ROWE PRICE EQUITY INCOME 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 Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

56

T. ROWE PRICE EQUITY INCOME FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000-1, cash and cash equivalents, as well as available borrowing arrangements.
Report: Department of the South Rogers University (2009 to present); Director, Projective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price
2011: Lyndhurst Holdings (2015 to present), Director, Bridgestor Pharma, Inc.
2012: Funds.
This information about the interested directors was current as of January 1, 2022, unless otherwise
Effective November 8, 2021. Mr. Daniels was appointed as an independent director of the Price Funds.
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President, Chief Executive Director, and the Chief Executive Officer of the Price
Board of Directors: The President

57

T. ROWE PRICE EQUITY INCOME FUND

**OFFICERS (CONTINUED)**

Year Ended: [Number of T. Rowe Price Name (Year of Birth) Position Held With Equity Income Fund (1980) Work President: [205]

Resorts, a hotel and leisure company, Member, Investment Company, Principal Occupation(s) and Director(s) of Public Companies and Other Investment Companies during the 1981-1985 period. (Principal Occupation(s)).

[Name (Year of Birth) Position Held With Equity Income Fund (1980) Work President: [205]

[Name (Year of Birth) Position Held With Equity Income Fund (1980) Work President: [205]

58

Name (Year of Birth) Position Held With Equity Income Fund Principal Occupation(s)

T. ROWE PRICE EQUITY INCOME FUND

**OFFICERS (CONTINUED)**

Armando (Dino) Capasso (1974)
Chief Compliance Officer
Jonathan R. Hussey, CFA (1962)
Matthew J. Sowering, CFA (1971)
Vice President
Benjamin L. L. (1968)
President
Vice President
John W. Kim (1977)
Michael M. (1968)
Vice President
Vice Japan (Price January 1, 2019)
Singapore; General Manager (Price January 1, 2019)
Vice President, T. Rowe Price and T. Rowe Group, Inc.; Chief Operating Officer (Price January 1, 2019)
and Secretary, T. Rowe Price and Company, Private Executive Officer (Price January 1, 2019)
Vice President, T. Rowe Price and T. Rowe Group, Inc.; Chief Operating Officer (Price January 1, 2019)
Vice President, T. Rowe Price and T. Rowe Group, Inc.; Chief Operating Officer (Price January 1, 2019)
Vice President, T. Rowe Price and T. Rowe Group, Inc.; Chief Operating Officer (Price January 1, 2019)
Vice President, T. Rowe Price and T. Rowe Group, Inc.; Chief Operating Officer (Price January 1, 2019)

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

59

Name (Year of Birth)
Position Held With Equity Income Fund Principal Occupation(s)

**Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or party performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics. The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions.

The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions.

The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions.

The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions.

The registrant is not responsible for any errors or omissions. The registrant is not responsible for any errors or omissions.

|  | 2022 | 2021 |
| --- | --- | --- |
| Audit Fees | $21,734 | $23,672 |
| 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 accordance with the principal accountant's independence.

| RETIREMENT | GENERAL INVESTING | COLLEGE SAVINGS |
| --- | --- | --- |
| Vice President, United States | Individual Employee | T. Rowe Price, T. Rowe Price, T. Rowe Price, and T. Rowe Price |
| Vice President, National, Roth, Individual | Tenant | 529 plans offer tax- |
| Vice President, Transfer, or | Brokerage | Provisional, T. Rowe Price, T. Rowe Price, and T. Rowe Price |
| Vice President, Bank, (1961) | access to stocks, ETFs | and T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| Vice President, Securities | across to stocks, ETFs | and T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| (a) Not applicable. The complete schedule of investment and other items of the company is not applicable. | tounds, and more | and T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price |
| (b) Not applicable. |  | tuition and education- |

**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.**

Shannon H. Rayner (1982) Assistant Vice President, T. Rowe Price

(3) Investment Management, ethics pursuant to Item 2, document 1, and 2, attached.

Assistant Secretary, T. Rowe Price child (UGMA/UTMAs) related expenses

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

5 years. The transfer the Investment Company Act of 1940, are attached.

(3) Written disclosures to repurchase securities issued by closed-end companies: not applicable.

(b) The registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the registrant's principal executive officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is amended.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Equity Income Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

*The registrant is a prospect 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 excluding available risk information. Investing internationally, the registrant and its subsidiaries and/or its affiliates are not necessarily a member of the registrant and/or its subsidiaries and/or its affiliates.

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

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582471  
F71-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Equity Income 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 Equity Income 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 Equity Income 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.

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**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

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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

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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)

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## 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