February 24, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Rule 24f-2 Notice for
T. Rowe Price Equity Income Fund
100 East Pratt Street
Baltimore, Maryland 21202
File Number 33-0070
Gentlemen:
In accordance with the provisions of Rule 24f-2, the T. Rowe Price Equity
Income Fund ("Fund") hereby files its Rule 24f-2 Notice.
This "Rule 24f-2 Notice" is being filed for the fiscal year ended
December 31, 1994 ("Fiscal Year").
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45,628,147 shares of beneficial interest of the Fund were sold during the
Fiscal Year.
All 45,628,147 shares of beneficial interest of the Fund were sold during
the Fiscal Year in reliance upon the Declaration of the Fund of an indefinite
amount of securities under Rule 24f-2 ("24f-2 Declaration").
Attached to this Rule 24f-2 Notice, and made a part hereof, is an opinion
of counsel indicating that the securities, the registration of which the
Notice makes definite in number, were legally issued, fully paid, and non-
assessable.
In accordance with subsection (c) of Rule 24f-2, the registration fee in
the amount of $78,473.64 has been forwarded to Mellon Bank, Pittsburg,
Pennsylvania. The fee computation is based upon the actual aggregate sale
price for which such securities were sold during the Fiscal Year, reduced by
the difference between:
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(1) The actual aggregate redemption price of the shares
redeemed by the Fund during the Fiscal Year, and
(2) The actual aggregate redemption price of such
redeemed shares previously applied by the Fund
pursuant to Rule 24e-2(a) in filings made pursuant
to Section 24(e)(1) of the Investment Company Act of
1940.
Aggregate Sale Price for Shares Sold
During Fiscal Year in Reliance Upon
the 24f-2 Declaration $760,003,261
Reduced by the Difference Between
(1) Aggregate Redemption Price
of Shares Redeemed During
the Fiscal Year $532,431,292
and,
(2) Aggregate Redemption Price
of Redeemed Shares Previously
Applied by Fund Pursuant to
Rule 24e-2(a) Filings Made
Pursuant to Section 24(e)(1) of
Investment Company Act of 1940 $ - 0 -
Equals $227,571,969
Any questions regarding the matter should be addressed to Henry H.
Hopkins, Esquire at the above address.
Very truly yours,
/s/ CARMEN F. DEYESU
February 24, 1995
T. Rowe Price Equity Income Fund
100 East Pratt Street
Baltimore, Maryland 21202
Dear Sirs:
T. Rowe Price Equity Income Fund, an unincorporated business trust
organized under the laws of the Commonwealth of Massachusetts (the "Fund"), is
filing with the Securities and Exchange Commission a Rule 24f-2 Notice
containing the information specified in paragraph (b)(1) of Rule 24f-2 under
the Investment Company Act of 1940 (the "Rule"). The effect of the Rule 24f-2
Notice, when accompanied by this Opinion and by the filing fee, if any,
payable as prescribed by paragraph (c) of the Rule will be to make definite in
number the number of shares sold by the Fund during the fiscal year ended
December 31, 1994 in reliance upon the Rule (the "Rule 24f-2 Shares").
We have, as counsel, participated in various corporate and other
proceedings relating to the Fund and to the Rule 24f-2 Shares. We have
examined copies, either certified or otherwise proven to our satisfaction to
be genuine, of its Master Trust Agreement, as currently in effect, and a
certificate dated February 14, 1995 issued by the Secretary of State of the
Commonwealth of Massachusetts, certifying to the existence and good standing
of the Fund. We have also reviewed the Registration Statement, post-effective
amendments thereto and the form of the Rule 24f-2 Notice being filed by the
Fund. We are generally familiar with the business affairs of the Fund.
The Fund has advised us that the Rule 24f-2 Shares were sold in the
manner contemplated by the prospectus of the Fund that was current and
effective under the Securities Act of 1933 at the time of sale, and that the
Rule 24f-2 Shares were sold for a consideration not less than the net asset
value thereof as required by the Investment Company Act of 1940.
<PAGE>
Based upon the foregoing, it is our opinion that:
A. The Fund has been duly organized and is legally existing under the
laws of the Commonwealth of Massachusetts.
B. The Fund is authorized to issue an unlimited number of shares.
C. The Rule 24f-2 Shares were legally issued and are fully paid and
non-assessable. However, we note that as set forth in the Registration
Statement, shareholders of the Fund might, under certain circumstances, be
liable for transactions effected by the Fund.
We hereby consent to the filing of this Opinion with the Securities
and Exchange Commission together with the Rule 24f-2 Notice of the Fund, and
to the filing of this Opinion under the securities laws of any state.
We are members of the Bar of the State of New York and do not hold
ourselves out as being conversant with the laws of any jurisdiction other than
those of the United States of America and the State of New York. We note that
we are not licensed to practice law in the Commonwealth of Massachusetts, and
to the extent that any opinion herein involves the law of the Commonwealth of
Massachusetts, such opinion should be understood to be based solely upon our
review of the documents referred to above, the published statutes of the
Commonwealth of Massachusetts and, where applicable, published cases, rules or
regulations of regulatory bodies of that Commonwealth.
Very truly yours,
/s/ Shereff, Friedman, Hoffman & Goodman
