WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775688
<NAME> T.ROWE PRICE EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 8683203
<INVESTMENTS-AT-VALUE> 9787052
<RECEIVABLES> 137177
<ASSETS-OTHER> 9477
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9933706
<PAYABLE-FOR-SECURITIES> 36131
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94401
<TOTAL-LIABILITIES> 130532
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7982684
<SHARES-COMMON-STOCK> 423420
<SHARES-COMMON-PRIOR> 496633
<ACCUMULATED-NII-CURRENT> 4575
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 711994
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1103922
<NET-ASSETS> 9803174
<DIVIDEND-INCOME> 138753
<INTEREST-INCOME> 12015
<OTHER-INCOME> 0
<EXPENSES-NET> 41085
<NET-INVESTMENT-INCOME> 109683
<REALIZED-GAINS-CURRENT> 709512
<APPREC-INCREASE-CURRENT> (1209316)
<NET-CHANGE-FROM-OPS> (390120)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (106870)
<DISTRIBUTIONS-OF-GAINS> (305891)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33172
<NUMBER-OF-SHARES-REDEEMED> (123710)
<SHARES-REINVESTED> 17324
<NET-CHANGE-IN-ASSETS> (2518039)
<ACCUMULATED-NII-PRIOR> 1761
<ACCUMULATED-GAINS-PRIOR> 308372
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29579
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41103
<AVERAGE-NET-ASSETS> 10473273
<PER-SHARE-NAV-BEGIN> 24.81
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> (0.96)
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.71)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.15
<EXPENSE-RATIO> 0.79
</TABLE>
