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  MUTUAL FUND ::  Brian Rogers - T. Rowe Price Equity Income Fund:
 

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Portfolio - Key Facts:
As of date: June 30, 2009

Proper name of fund:

T. Rowe Price Equity Income Fund
Trading symbol: PRFDX
Fees:
Management Fees: 0.56 %
Distribution (12b-1) Fees: n/a %
Other Expenses: 0.15 %
Total Fund Operating Expenses: 0.71 %
# of Stocks in Portfolio: 118
Portfolio Value: $ 13.63 billion
# of New Buys: 4
# of New Sells: 5
About The Portfolio Manager: Brian Rogers
Mr. Rogers, the manager of the $11.5 billion T. Rowe Price Equity Income fund since its inception in 1985.  While the financial markets and the global economy remain troubled, T. Rowe Price Chairman and Chief Investment Officer, Brian Rogers, believes the overwhelming crisis of fear gripping the markets is overshadowing a brighter long-term outlook. In fact, in contrast to the irrational exuberance that propelled the late 1990s bull market, Mr. Rogers thinks we may have entered a period of “irrational pessimism” that could present opportunities for long-term investors.

“I am not sure the long-term prospects of the global economy are as negative as seem to be reflected in the crisis,” says Mr. Rogers.

In an interview on October 7, 2008, with Steve Forbes, president and editor-in-chief of Forbes magazine, Mr. Rogers stressed the investment opportunities in the current situation.

Rogers recently stated, ''Now, dividends are in vogue again.'' He said that he expects more companies to pay dividends as part of their corporate finance strategies, prompted in part by the recent tax cut, which reduced the top rate on dividends to 15 percent.
 
Excerpt from prospectus/fund overview: The fund seeks to provide substantial dividend income as well as long-term growth of capital through investments in the common stocks of established companies.

The fund will normally invest at least 80% of its net assets in common stocks, with 65% in the common stocks of well-established companies paying above average
dividends.

The fund typically employs a “value” approach in selecting investments. Our in-house research team seeks companies that appear to be undervalued by various
measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth.
Official website for more information: http://www3.troweprice.com/fb2/fbkweb/management.do?ticker=PRFDX
 
Current Portfolio - Specific Stocks:
As of date: June 30, 2009

Current Portfolio:
(118)

3M Co. (MMM)
Accenture Ltd. (ACN)
Analog Devices Inc. (ADI)
American Express (AXP)
Anadarko Petroleum (APC)
Amgen Inc. (AMGN)
Alcoa, Inc. (AA)
Applied Materials (AMAT)
Avery Dennison Corporation (AVY)
Allied Irish Banks plc (AIB)
BP plc (BP*)
Bank of New York Mellon Corp. (BK)
Boeing (BA)
Black & Decker (BDK*)
BJ Services Company (BJS)
Bank of America (BAC*)
Bed Bath & Beyond Inc. (BBBY)
Bristol-Myers Squibb Co. (BMY*)
Computer Sciences Corp. (CSC)
Cablevision Systems Corp. (CVC)
Centerpoint Energy Inc. (CNP)
Cisco (CSCO*)
ConocoPhillips (COP)
Chevron Corp. (CVX*)
Cooper Industries Ltd. (CBE)
Constellation Energy Group, Inc. (CEG)
Capital One Financial Corp. (COF)
CBS Corporation (CBS)
Chubb (CB)
CONSOL Energy Inc. (CNX)
DR Horton (DHI)
Deere & Co. (DE)
DuPont (DD)
Dell Inc. (DELL)
Duke Energy (DUK)
eBay Inc. (EBAY)
Eaton Corp. (ETN)
Eli Lilly & Co. (LLY)
Exxon Mobil (XOM)
Entergy Corp. (ETR)
Firstenergy Corp. (FE)
Fannie Mae (FNM)
Fortune Brands (FO)
General Electric (GE)
Goldman Sachs (GS*)
Genuine Parts Co. (GPC)
Hershey Co. (HSY)
H & R Block (HRB)
Home Depot (HD)
Honeywell (HON*)
Harley-Davidson, Inc. (HOG)
Harman International (HAR)
Illinois Tool Works Inc. (ITW)
International Paper (IP)
International Flavors & Fragrances (IFF)
InBev S.A. (INBVF.PK)
Intel (INTC)
JPMorgan Chase (JPM*)
Johnson & Johnson (JNJ)
Kimberly-Clark Corp. (KMB)
Kraft Foods Inc. (KFT)
KeyCorp (KEY)
Legg Mason Inc. (LM)
Lincoln National Corp. (LNC)
Masco (MAS)
Mattel Inc. (MAT)
Microsoft (MSFT)
Murphy Oil Corp. (MUR)
Merck (MRK)
MGM Mirage (MGM)
The McGraw-Hill Companies, Inc. (MHP)
Marsh & Mclennan (MMC)
MeadWestvaco Corporation (MWV)
Marriott International, Inc. (MAR)
McCormick & Co. Inc. (MKC)
Marshall & Ilsley Corporation (MI)
Macy's (M)
Nucor (NUE)
Norfolk Southern Corp. (NSC)
NRG Energy, Inc. (NRG)
The New York Times Company (NYT)
Nisource Inc. (NI)
Och-Ziff Capital Management Group (OZM)
PG&E Corp. (PCG)
Pinnacle West Capital Corp. (PNW)
Progressive Corp. (PGR)
Pall Corp. (PLL)
Progress Energy Inc. (PGN)
Qwest (Q)
Royal Dutch Shell (RDS-A)
Sunoco Inc. (SUN)
Southwest Airlines Co. (LUV)
Schlumberger (SLB)
Spectra Energy Corp. (SE)
SLM Corp. - Sallie Mae (SLM)
SunTrust Banks Inc. (STI)
Sprint Nextel Corp. (S)
Tiffany & Co. (TIF)
Travelers (TRV)
Time Warner Inc. (TWX)
TECO Energy Inc. (TE)
US Bancorp (USB)
UBS (UBS)
USG Corp. (USG)
United Parcel Service, Inc. (UPS)
Vodafone Group plc (VOD)
Vulcan Materials Company (VMC)
Verizon (VZ)
Wyeth Pharmaceuticals (WYE)
Walt Disney Co. (DIS)
Whirlpool Corp. (WHR)
WPP Group plc (WPPGY)
Wells Fargo (WFC*)
Weyerhaeuser Co. (WY)
WellPoint Inc. (WLP)
Xcel Energy Inc. (XEL)
Yahoo! (YHOO)
 

See all CURRENT stocks in Yahoo! Finance here >>

 
New Stocks Added:
(4)
Accenture Ltd. (ACN)
Pall Corp. (PLL)
Norfolk Southern Corp. (NSC)
Centerpoint Energy Inc. (CNP)
 

See all NEW stocks in Yahoo! Finance here >>

 
Stocks Sold Out Of:
(5)
Pfizer, Inc.
Time Warner Cable, Inc.
Newell Rubbermaid Inc.
Fifth Third Bancorp
Janus Capital Group Inc.
 

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Brian C. Rogers, Manager
T. Rowe Price Equity Income Fund

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