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| SUMMARYPROSPECTUS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| RRFDX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| May 1,2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
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| T. Rowe Price

EquityIncome Fund—R Class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| A fund seeking a highlevel of dividend income and long-term capital growth through investments in large-capitalization stocksof companies with a strong track record of paying dividends or that are undervalued. This class of sharesis sold only through financial intermediaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Beforeyou invest, you may want to review the fund’s prospectus, which contains more information aboutthe fund and its risks. You can find the fund’s prospectus and other information about the fundonline at troweprice.com/prospectus.You can also get this information at no cost by calling 1-800-638-8790 or by sending an e-mail request to info@troweprice.com. This SummaryProspectus incorporates by reference the fund’s prospectus, dated May 1, 2014, and Statement ofAdditional Information, dated May 1, 2014.

The Securities and ExchangeCommission has not approved or disapproved these securities or passed upon the adequacy of this prospectus.Any representation to the contrary is a criminal offense. |
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| Summary | 1      |

Investment Objective

The fund seeks a high level of dividend income and long-term capitalgrowth primarily through investments in stocks.

Fees and Expenses

This table describes the feesand expenses that you may pay if you buy and hold shares of the fund. 

Fees and Expenses of the Fund’sR Class

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|---------------------------------------------------------------------------------------------------------------|--------|
| Annualfund operating expenses(expenses that you pay each year as apercentage of the value of your investment) |
| Management fees                                                                                               | 0.53%  |
|                                                                                                          |   |
| Distribution and service (12b-1) fees                                                                         | 0.50%  |
|                                                                                                          |   |
| Other expenses                                                                                                | 0.17%  |
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| Total annual fund operating expenses                                                                          | 1.20%  |

Example  This example is intended to help you compare the cost of investingin the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000in the fund for the time periods indicated and then redeem all of your shares at the end of those periods.The example also assumes that your investment has a 5% return each year and that the fund’s operatingexpenses remain the same. Although your actual costs may be higher or lower, based on these assumptionsyour costs would be:

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| 1 year | 3years | 5years | 10 years |
| $122   | $381   | $660   | $1,455   |

PortfolioTurnover  The fund pays transaction costs, such as commissions, when it buys and sells securities(or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transactioncosts and may result in higher taxes when fund shares are held in a taxable account. These costs, whichare not reflected in annual fund operating expenses or in the example, affect the fund’s performance.During the most recent fiscal year, the fund’s portfolio turnover rate was 9.5% of the average valueof its portfolio.

Investments, Risks, and Performance

Principal Investment Strategies  The fund will normally investat least 80% of its net assets (including any borrowings for investment purposes) in common stocks, withan emphasis on large-capitalization stocks that have a strong track record of paying dividends or thatare believed to be undervalued.

The fund typically employs a “value” approach in selectinginvestments. Our in-house research team seeks companies that appear to be undervalued by various 

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| T.Rowe Price | 2      |

measures and may be temporarily out of favor but have good prospectsfor capital appreciation and dividend growth.

In selecting investments, we generally look for companies in theaggregate with one or more of the following:

· an established operating history;

· above-averagedividend yield relative to the S&P 500;

· low price/earnings ratio relative to the S&P 500;

· asound balance sheet and other positive financial characteristics; and

· low stockprice relative to a company’s underlying value as measured by assets, cash flow, or business franchises.

Thefund generally seeks investments in large-capitalization companies and the fund’s yield, which reflectsthe level of dividends paid by the fund, is expected to normally exceed the yield of the S&P 500Stock Index. In pursuing its investment objective, the fund has the discretion to deviate from its normalinvestment criteria, as previously described, and purchase securities that the fund’s managementbelieves will provide an opportunity for substantial appreciation. These situations might arise whenthe fund’s management believes a security could increase in value for a variety of reasons, includingan extraordinary corporate event, a new product introduction or innovation, a favorable competitive development,or a change in management.

While most assets will typically be invested in U.S. common stocks, the fund may investin foreign stocks in keeping with the fund’s objectives.

The fund may sell securities for a variety ofreasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

Principal Risks  As with anymutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share pricefluctuates, which means you could lose money by investing in the fund. The principal risks of investingin this fund are summarized as follows:

Activemanagement riskThefund is subject to the risk that the investment adviser’s judgments about the attractiveness, value,or potential appreciation of the fund’s investments may prove to be incorrect. If the securitiesselected and strategies employed by the fund fail to produce the intended results, the fund could underperformother funds with similar objectives and investment strategies.

Risks of stock investing  Stocks generally fluctuate in value more than bondsand may decline significantly over short time periods. There is a chance that stock prices overall willdecline because stock markets tend to move in cycles, with periods of rising prices and falling prices.The value of a stock in which the fund invests may decline due to general weakness in the stock marketor because of factors that affect a company or a particular industry. 

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| Summary | 3      |

Investment style risk  Differentinvestment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.The fund’s value approach to investing could cause it to underperform other stock funds that employa different investment style. The intrinsic value of a stock with value characteristics may not be fullyrecognized by the market for a long time or a stock judged to be undervalued may actually be appropriatelypriced at a low level.

Dividend-payingstock risk  The fund’s emphasis on dividend-paying stocks could cause the fund to underperformsimilar funds that invest without consideration of a company’s track record of paying dividends.Stocks of companies with a history of paying dividends may not participate in a broad market advanceto the same degree as most other stocks, and a sharp rise in interest rates or economic downturn couldcause a company to unexpectedly reduce or eliminate its dividend.

Market capitalization risk  Although stocks issued by larger companies tendto have less overall volatility than stocks issued by smaller companies, larger companies may not beable to attain the high growth rates of successful smaller companies, especially during strong economicperiods. In addition, larger companies may be less capable of responding quickly to competitive challengesand industry changes, and may suffer sharper price declines as a result of earnings disappointments.

Foreign investing risk  This isthe risk that the fund’s investments in foreign securities may be adversely affected by political,social, and economic conditions overseas, reduced liquidity, or decreases in foreign currency valuesrelative to the U.S. dollar.

Performance The bar chart showing calendar year returns and the average annual total returns table indicate riskby illustrating how much returns can differ from one year to the next and how fund performance compareswith that of a comparable market index. The fund’s past performance (before and after taxes) isnot necessarily an indication of future performance.

The fund can also experience short-term performanceswings, as shown by the best and worst calendar quarter returns during the years depicted.

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| T.Rowe Price | 4      |

In addition, the average annualtotal returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder mayinfluence returns. After-tax returns are calculated using the historical highest individual federal marginalincome tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns dependon an investor’s tax situation and may differ from those shown. After-tax returns shown are notrelevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k)account or individual retirement account.

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|-----------------------------|-----------------------------------------------------------------------|--------------------------------------|-------------------|--------|-------------|---------------|------------|------------|----------------|--------|--------|--------|
| AverageAnnual Total Returns |                                                                  |                                 |              |   |        |          |       |       |           |   |
|                        |                                                                  |                                 | Periods ended     |   |
|                        |                                                                  |                                 | December 31, 2013 |   |
|                        |                                                                  |                                 | 1 Year       |   |        | 5 Years  |       |       | 10 Years  |   |   |   |
|                        | Equity Income Fund-R Class                                            |                                 |              |   |        |          |       |       |           |   |   |
|                        |                                                                  | Returns before taxes                 | 29.07        | %      | 16.32  | %             | 7.03  | %          |           |
|                        |                                                                  | Returns after taxes on distributions | 27.89        |   |        | 15.89    |       |       | 6.39      |   |   |   |
|                        |                                                                  | Returns after taxes on distributions |              |   |        |          |       |       |           |   |   |   |
|                        |                                                                  | and sale of fund shares              | 17.34        |   |        | 13.23    |       |       | 5.75      |   |   |   |
|                        | S&P 500 Index (reflectsno deduction for fees, expenses, or taxes) | 32.39                           |              |   | 17.94  |          |       | 7.41  |           |   |   |
|                        | LipperEquity Income Funds Index                                       | 28.70                           |              |   | 16.23  |          |       | 7.17  |           |   |   |

Updated performance information is available through troweprice.com or may be obtainedby calling 1-800-638-8790.

Management

Investment Adviser  T. Rowe Price Associates, Inc. (T. Rowe Price)

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| Summary | 5      |

|             |                                        |               |                      |
|------------------|---------------------------------------------|--------------------|---------------------------|
| PortfolioManager | Title                                       | Managed Fund Since | Joined Investment Adviser |
| Brian C. Rogers  | Chairman of Investment

 Advisory Committee | 1985               | 1982                      |

Purchaseand Sale of Fund Shares

Generally, the fund’s minimum initial investment requirement is $2,500 and thefund’s minimum subsequent investment requirement is $100. However, your financial intermediary mayimpose different investment minimums.

You may purchase, redeem, or exchange shares of the fund on anyday the New York Stock Exchange is open for business. You must purchase, redeem, and exchange sharesthrough your financial intermediary.

Tax Information

Any dividends are declaredand paid quarterly in March, June, September, and December. Any capital gains are declared and paid annually,usually in December. Distributions by the fund, whether or not you reinvest these amounts in additionalfund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferredaccount. A redemption or exchange of fund shares may be taxable. 

Payments to Broker-Dealers andOther Financial Intermediaries

If you purchase shares of the fund through a broker-dealer or other financial intermediary(such as a bank), the fund and its related companies may pay the intermediary for the sale of fund sharesand related services. These payments may create a conflict of interest by influencing the broker-dealeror other intermediary and your salesperson to recommend the fund over another investment. Ask your salespersonor visit your financial intermediary’s website for more information.

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| T. Rowe PriceAssociates, Inc.100 East Pratt StreetBaltimore, MD 21202 | E471-0455/1/14 |