June 30, 2019 An income fund for all market cycles. PUT ...

Equity Income Fund

Investor Class: PRFDX

September 30, 2021

A value fund for all market cycles.

PURSUING INCOME AND OPPORTUNITY

NOT JUST YIELD

Companies 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 seeks to own companies that we believe are undervalued and could appreciate over time.

EXPERIENCED LEADERSHIP

Portfolio Manager John Linehan has nearly 20 years of experience managing large-cap value portfolios. He is supported by a global team of more than 190 equity research analysts whose collective insights are key in helping to provide investors with the best possible outcomes.

A FOCUS ON QUALITY

The 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.

Dividends: An Important Driver of Long-term Equity Returns

Reinvested dividends comprised roughly 50% of total equity returns over the last 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.

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

Equity Income Fund

Experienced Management

Top 20 Holdings

John Linehan

Investment Experience: 32 Years At T. Rowe Price: 23 Years

Rank

1 2 3 4 5

Issue

Wells Fargo GE American International Group Southern Company UPS

Morningstar?

Overall Morningstar Rating

6

Qualcomm

7

Anthem

8

MetLife

Morningstar Category

Large Value 9

10

Rated against 1,144 Large Value funds, as of

09/30/2021, based on risk-adjusted returns.

11

12

CF Industries TotalEnergies Chubb Tyson Foods

13

Fifth Third Bancorp

A balanced approach that

14

emphasizes yield, valuation, 15 16

and fundamentals has been 17

tactfully applied... 18

- Morningstar 19

April 12, 2021 20

International Paper Sempra Energy Comcast AbbVie

Weyerhaeuser

Becton, Dickinson & Company Loews

Total Portfolio Holdings

As of 09/30/2021, the Equity Income Fund, received 3 stars for 3 Years/1,144 funds, 3 stars for 5 Years/1,022 funds, and 3 stars for 10 Years/747 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 openended 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. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. Past performance cannot guarantee future results.*

Cumulative Returns

Investor Class Hypothetical Growth of $10,000

September 30, 2021

Industry

Banks Industrial Conglomerates Insurance Electric Utilities Air Freight & Logistics Semiconductors & Semiconductor Equipment Health Care Providers & Services Insurance Chemicals Oil, Gas & Consumable Fuels Insurance Food Products Banks Containers & Packaging Multi-Utilities Media Biotechnology Equity Real Estate Investment Trusts (REITs) Health Care Equipment & Supplies Insurance

Country

United States United States United States United States United States

% of Net Assets 3.98% 2.86% 2.48% 2.41% 2.31%

United States

2.27%

United States United States United States France United States United States United States United States United States United States United States

1.98% 1.93% 1.89% 1.86% 1.82% 1.82% 1.78% 1.77% 1.63% 1.63% 1.60%

United States

1.60%

United States

1.60%

United States

1.59%

115 companies

Expense Ratio: 0.65% $32,324.02

Average Annual Total Returns

Equity Income Fund Inception Date: 10/31/85 Investor Class

Annualized

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

-1.01%

17.26%

41.81%

9.65%

11.20%

12.45%

10.73%

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 . Total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Investors should note that the fund's short-term performance is highly unusual and unlikely to be sustained.

*Source for Morningstar data: ? 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

? 2021 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.

202107-1731562

T. Rowe Price Investment Services, Inc., Distributor.

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