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

Equity Income Fund

Investor Class: PRFDX

September 30, 2019

An income fund for all market cycles.

PUT THE POWER OF DIVIDENDS TO WORK

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 emphasizes price appreciation.

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.

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 160 equity research analysts whose collective insights are key in helping to provide investors with the best possible outcomes.

Dividends: An Important Component of Long-term Equity Returns

Reinvested 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.

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

Equity Income Fund

Experienced Management

Top 20 Holdings

John Linehan

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

Rank

1 2 3 4 5

Issue

Wells Fargo JPMorgan Chase Southern Company Qualcomm Total

Morningstar?

6

Verizon Communications

Overall Morningstar Rating Morningstar Category

7

8 Large Value 9

Johnson & Johnson Boeing Chubb

Rated against 1,090 Large Value funds, as of 09/30/2019, based on risk-adjusted returns.

10

ExxonMobil

11

Tyson Foods

12

TC Energy

13

The approach is simple yet 14

well executed.

15

L3Harris Technologies American International Group Kimberly-Clark

- Morningstar 16 May 02, 2019 17

18

Morgan Stanley Microsoft Philip Morris International

As of 09/30/2019, the Equity Income Fund, received 3 stars for 3 Years/1,090 funds, 3 stars for 5 Years/944 funds, and 3 stars for 10 Years/693 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.*

19

Pfizer

20

UPS

Total Portfolio Holdings

Cumulative Returns

Investor Class Hypothetical Growth of $10,000

September 30, 2019

Industry

Banks Banks Electric Utilities Semiconductors & Semiconductor Equipment Oil, Gas & Consumable Fuels Diversified Telecommunication Services Pharmaceuticals Aerospace & Defense Insurance Oil, Gas & Consumable Fuels Food Products Oil, Gas & Consumable Fuels Aerospace & Defense Insurance Household Products Capital Markets Software Tobacco Pharmaceuticals Air Freight & Logistics

Country

United States United States United States

% of Net Assets 3.75% 3.14% 2.40%

United States

2.33%

France

2.22%

United States

1.97%

United States

1.96%

United States

1.95%

United States

1.92%

United States

1.87%

United States

1.84%

Canada

1.83%

United States

1.78%

United States

1.75%

United States

1.73%

United States

1.70%

United States

1.61%

United States

1.60%

United States

1.53%

United States

1.50%

118 companies

Expense Ratio: 0.64% $27,340.92

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

2.24%

18.35%

3.74%

10.20%

7.42%

10.58%

10.61%

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.

*Source for Morningstar data: ? 2019 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.

? 2019 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.

201907-895025

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

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