HDA 597 Pheifq1
User Manual: HDA 597
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T. Rowe Price Equity Income Fund 03/31/2017
(Unaudited)
Portfolio of Investments
Investments in Securities Coupon % Maturity Shares/Par Value ($) % of Net Assets
Adient 2,220,000 161,327,400 0.709%
AES 13,100,000 146,458,000 0.643%
American Express 2,380,000 188,281,800 0.827%
Ameriprise Financial 2,440,000 316,419,200 1.390%
Analog Devices 1,160,000 95,062,000 0.418%
Anthem 2,120,000 350,605,600 1.540%
Apache 3,550,000 182,434,500 0.801%
Apple 710,000 101,998,600 0.448%
Applied Materials 6,875,000 267,437,500 1.175%
Archer-Daniels-Midland 5,850,000 269,334,000 1.183%
Avon 6,600,000 29,040,000 0.128%
Bank of America 4,450,000 104,975,500 0.461%
Bank of New York Mellon 4,025,000 190,100,750 0.835%
Becton, Dickinson & Company 1,009,000 185,090,960 0.813%
Boeing 2,650,000 468,679,000 2.059%
Bristol-Myers Squibb 3,750,000 203,925,000 0.896%
CA 1,180,000 37,429,600 0.164%
Canadian Natural Resources 3,100,000 101,649,000 0.447%
Carnival 2,450,000 144,329,500 0.634%
CenturyLink 4,000,000 94,280,000 0.414%
CF Industries 5,675,000 166,561,250 0.732%
Chevron 2,200,000 236,214,000 1.038%
Chubb 720,000 98,100,000 0.431%
Cisco Systems 9,000,000 304,200,000 1.336%
Citigroup 5,150,000 308,073,000 1.353%
Comcast 7,480,000 281,173,200 1.235%
Coty 5,650,000 102,434,500 0.450%
Cummins 930,000 140,616,000 0.618%
Diageo 4,575,000 131,006,111 0.575%
DTE ENERGY CO CVT 6.5% 10/19 725,000 38,519,895 0.169%
Edison International 2,790,000 222,111,900 0.976%
EI du Pont de Nemours 4,715,000 378,755,950 1.664%
Emerson Electric 3,600,000 215,496,000 0.947%
EQT 700,000 42,770,000 0.188%
Equity Residential, REIT 2,125,000 132,217,500 0.581%
Exelon 4,700,000 169,106,000 0.743%
ExxonMobil 6,550,000 537,165,500 2.360%
Fifth Third Bancorp 8,275,000 210,185,000 0.923%
FirstEnergy 875,000 27,842,500 0.122%
Flowserve 2,325,000 112,576,500 0.495%
Ford Motor 7,350,000 85,554,000 0.376%
GE 12,140,000 361,772,000 1.589%
Gilead Sciences 2,560,000 173,875,200 0.764%
GlaxoSmithKline 5,813,703 120,883,996 0.531%
GREAT PLAINS ENERGY INC CVT 7.0% 09/19 1,275,000 67,339,834 0.296%
Harris 3,000,000 333,810,000 1.466%
Hershey Foods 310,000 33,867,500 0.149%
Hess 4,175,000 201,276,750 0.884%
Illinois Tool Works 1,910,000 253,017,700 1.111%
International Paper 4,125,000 209,467,500 0.920%
Johnson Controls International 8,650,000 364,338,000 1.600%
Johnson & Johnson 3,500,000 435,925,000 1.915%
JPMorgan Chase 8,870,000 779,140,800 3.423%
Kellogg 1,410,000 102,380,100 0.450%
KeyCorp 9,450,000 168,021,000 0.738%
Kohl's 3,425,000 136,349,250 0.599%
Las Vegas Sands 3,950,000 225,426,500 0.990%
Loews 6,975,000 326,220,750 1.433%
Macy's 3,225,000 95,589,000 0.420%
Marsh & McLennan 3,460,000 255,659,400 1.123%
Mattel 6,575,000 168,385,750 0.740%
Medtronic 2,750,000 221,540,000 0.973%
Merck 3,375,000 214,447,500 0.942%
MetLife 6,850,000 361,817,000 1.589%
Microsoft 7,050,000 464,313,000 2.040%
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Morgan Stanley 10,625,000 455,175,000 1.999%
News Corp 13,650,000 177,450,000 0.779%
NEXTERA ENERGY INC CVT 6.123000 3,000,000 151,576,074 0.666%
NiSource 10,250,000 243,847,500 1.071%
Northern Trust 2,770,000 239,826,600 1.053%
Nucor 2,275,000 135,863,000 0.597%
Occidental Petroleum 4,375,000 277,200,000 1.218%
Och-Ziff Capital Management 5,000,000 11,300,000 0.050%
Pentair 2,225,000 139,685,500 0.614%
PepsiCo 2,370,000 265,108,200 1.165%
Pfizer 12,325,000 421,638,250 1.852%
PG&E 4,630,000 307,246,800 1.350%
Philip Morris International 1,270,000 143,383,000 0.630%
PNC Financial Services Group 1,710,000 205,610,400 0.903%
Qualcomm 5,950,000 341,173,000 1.499%
Rayonier, REIT 5,771,017 163,550,622 0.718%
Royal Bank of Scotland 25,257,376 76,586,670 0.336%
Royal Dutch Shell, ADR 4,850,000 255,740,500 1.123%
Southern Company 1,550,000 77,159,000 0.339%
Southwest Airlines 1,600,000 86,016,000 0.378%
State Street 4,320,000 343,915,200 1.511%
TE Connectivity 1,060,000 79,023,000 0.347%
Telefonica 7,450,000 83,390,283 0.366%
Texas Instruments 1,790,000 144,202,400 0.633%
Time Warner 300,000 29,313,000 0.129%
Total 8,175,000 413,355,755 1.816%
TOTAL SA COUP RTS 4/17 8,175,000 0 0.000%
TRP GOVERNMENT RESERVE FD 0.66 509,998,769 509,998,769 2.240%
TRP INST FLOATING RATE FUND 6,264,579 63,021,668 0.277%
Twenty-First Century Fox 10,500,000 333,690,000 1.466%
United Technologies 260,000 29,174,600 0.128%
UPS 2,300,000 246,790,000 1.084%
U.S. Bancorp 4,975,000 256,212,500 1.125%
Verizon Communications 8,975,000 437,531,250 1.922%
Vodafone 24,300,000 63,325,505 0.278%
Vulcan Materials 1,400,000 168,672,000 0.741%
Wal-Mart 2,850,000 205,428,000 0.902%
Walt Disney 1,110,000 125,862,900 0.553%
Wells Fargo 9,325,000 519,029,500 2.280%
Western Digital 1,640,000 135,349,200 0.595%
WESTERN DIGITAL CORP 10.5 4/1/24 33,790,000 39,787,725 0.175%
Weyerhaeuser, REIT 4,900,000 166,502,000 0.731%
Willis Towers Watson 880,000 115,183,200 0.506%
XCEL Energy 3,800,000 168,910,000 0.742%
XL Group 1,750,000 69,755,000 0.306%
Miscellaneous Securities ‡ 143,475,750
Total Investments in Securities 22,720,435,566
‡ At the discretion of the advisor, the identity of certain securities has been concealed to protect the fund's interests.
Futures Contracts Contracts Expiration Contract Value Unrealized G/L % of Net Assets
S&P500 EMINI FUT 6/17 585 6/16/2017 69,006,600 213,294 0.303%
Total Futures Contracts 213,294
NET ASSETS 22,765,071,267
NET ASSET VALUE PER SHARE
Equity Income Fund Shares 32.41
($18,572,613,340 / 572,994,230 Shares Outstanding)
Equity Income Fund - Advisor Class Shares 32.34
($502,826,142 / 15,547,029 Shares Outstanding)
Equity Income Fund - I Class Shares 32.42
($3,567,765,715 / 110,033,735 Shares Outstanding)
Equity Income Fund - R Class Shares 32.29
($121,866,070 / 3,774,665 Shares Outstanding)
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ADR American Depository Receipts
ADS American Depository Shares
AR Auction Rate security with an interest rate reset feature through a modified Dutch auction at predetermined short-term intervals; rate shown is effective rate at period end
ARM Adjustable Rate Mortgage
BAN Bond Anticipation Note
CDA Community Development Administration
CLN Credit Linked Note
CMO Collateralized Mortgage Obligation
COP Certificate of Participation
DOT Department of Transportation
EFA Educational Facility Authority
ETC Equipment Trust Certificate
FDR Fiduciary Depository Receipt
FRN Floating Rate Note
GDR Global Depository Receipts
GDS Global Depository Shares
GO General Obligation
HDA Housing Development Authority
HEFA Health & Education Facility Authority
HFA Health Facility Authority
HFC Housing Finance Corp
HFFA Health Facility Financing Authority
HHEFA Health & Higher Education Facility Authority
IDA Industrial Development Authority/Agency
IDB Industrial Development Bond
IDC Industrial Development Corp
IDRB Industrial Development Revenue Bond
IO Interest Only security for which the fund receives interest on notional principal (par)
PCR Pollution Control Revenue
PFA Public Finance Authority
PIK Payment-in-kind
PTC Pass-Through Certificate
RAC Revenue Anticipation Certificate
RAN Revenue Anticipation Note
RAW Revenue Anticipation Warrant
REIT Real Estate Investment Trust
RIB Residual interest bond issued by a third party securitization trust and purchased directly through a cash transaction that involved no exchange of previously held securities; rate varies
inversely to short-term rates and the rate presented is the effective rate at period-end
STEP Stepped coupon bond for which the coupon rate of interest will adjust on specified future dates(s)
TAN Tax Anticipation Note
TAW Tax Anticipation Warrant
TBA To Be Announced purchase commitment
TDFA Trade & Deposit Facility Agreement
TECP Tax-Exempt Commercial Paper
TRAN Tax Revenue Anticipation Note
VR Variable Rate; rate shown is effective rate at period end
VRDN Variable Rate Demand Note under which the holder has the right to sell the security to the issuer or the issuer's agent at a predetermined price (generally par) on specified dates upon
required notification; rate shown is effective rate at period-end
Important Information
The portfolio data contained herein is for informational purposes only and does not constitute a recommendation or an offer for a particular security or investment. Unlike the fund's regulatory
filings, the portfolio data and its presentation in this document do not conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation
requirements. The holdings are not audited and the information may differ in certain respects, such as derivatives exposure and security name, from the information found in the complete list
of portfolio investments in the semiannual and annual shareholder reports and Form N-Q.
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