Not FDIC-insured. May lose value. No bank guarantee.

Equity Income Fund Investor Class: PRFDXMarch 31, 2020

An income fund for all market cycles.PUT THE POWER OF DIVIDENDS TO WORK

EXPERIENCED LEADERSHIPPortfolio Manager John Linehan has nearly 20 years of experience managing large-cap value portfolios. He is supported by a global team of more than 160 equity research analysts whose collective insights are key in helping to provide investors with the best possible outcomes.

A FOCUS ON QUALITYThe fund features a conservative value investment approach, investing in high quality large cap companies and using a thorough, bottom-up fundamental evaluation. This level of scrutiny helps to limit potential downside and volatility over time.

NOT JUST YIELDCompanies that pay dividends can help weather various economic cycles because dividends can be a sign of a firm's financial strength. In addition to helping investors meet their income needs, the fund emphasizes price appreciation.

Dividends: An Important Component of Long-term Equity ReturnsReinvested dividends comprised roughly 50% of total equity returns for 30 years.

Source: T. Rowe Price, FactSet

All investments are subject to risks, including the possible loss of principal. The fund's emphasis on dividend-paying companies could result in significant investments in large-capitalization stocks. At times, large-cap stocks may lag shares of smaller, faster-growing companies. Diversification cannot assure a profit or protect against loss in a declining market.

T. Rowe Price Investment Services, Inc., Distributor.201907-895025

March 31, 2020Equity Income Fund

Experienced Management

John Linehan

Investment Experience:30 YearsAt T. Rowe Price:21 Years

Morningstar®Overall Morningstar Rating

Morningstar Category Large Value

Rated against 1,107 Large Value funds, as of 03/31/2020, based on risk-adjusted returns.

The approach is simple yet well executed.

- MorningstarMay 02, 2019

As of 03/31/2020, the Equity Income Fund, received 3 stars for 3 Years/1,107 funds, 3 stars for 5 Years/957 funds, and 3 stars for 10 Years/703 funds in the Large Value category. Ratings are subject to change. The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance cannot guarantee future results.*

Top 20 HoldingsRank Issue Industry Country % of Net Assets1 Wells Fargo Banks United States 3.16%2 Southern Company Electric Utilities United States 2.87%

3 Qualcomm Semiconductors & Semiconductor Equipment United States 2.70%

4 Johnson & Johnson Pharmaceuticals United States 2.61%5 JPMorgan Chase Banks United States 2.40%6 Total Oil, Gas & Consumable Fuels France 2.30%7 Chubb Insurance United States 2.10%8 Philip Morris International Tobacco United States 2.05%9 GE Industrial Conglomerates United States 2.04%10 Kimberly-Clark Household Products United States 1.95%11 Tyson Foods Food Products United States 1.92%12 TC Energy Oil, Gas & Consumable Fuels Canada 1.90%13 NiSource Multi-Utilities United States 1.86%14 CVS Health Health Care Providers & Services United States 1.83%15 UPS Air Freight & Logistics United States 1.82%16 L3Harris Technologies Aerospace & Defense United States 1.81%17 Morgan Stanley Capital Markets United States 1.80%18 Microsoft Software United States 1.79%19 Pfizer Pharmaceuticals United States 1.76%20 Conagra Brands Food Products United States 1.73%

Total Portfolio Holdings 110 companies

Cumulative ReturnsInvestor ClassHypothetical Growth of $10,000

0.64%Expense Ratio:

$18,667.66

Average Annual Total Returns AnnualizedEquity Income FundInception Date: 10/31/85

Three Months Year-to-Date One Year Three Years Five Years Ten Years Since Inception

Investor Class -28.36% -28.36% -18.30% -2.57% 1.46% 6.44% 9.60%

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, or to request a prospectus or, if available, a summary prospectus which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please call 1-855-405-6488 or visit our website at troweprice.com. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

*Source for Morningstar data: © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its contentproviders; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance cannot guarantee future results.

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