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

Value Fund Investor Class: TRVLXDecember 31, 2020

When consistency matters,THIS FUND IS VALUE THROUGH AND THROUGH.

RESEARCH CULTUREMark Finn, the fund's manager, leverages the knowledge of 220+ research analysts worldwide. They work together to determine each stock's value, constantly monitor those stocks over time, and adjust positions within the portfolio through ongoing analysis.

CONSISTENT VALUESince incepting in 1994, this fund has consistently focused on finding high-quality investments at a relative value. Investors can have confidence that we will stay true to our large-cap value style, as we have through many market cycles.

BARGAIN HUNTERSThe Value Fund seeks long-term capital appreciation and, secondarily, income by investing in U.S. large-cap stocks that we believe are mispriced but whose value will be recognized by the markets within two to three years.

Value Investing: Combining Economic and Behavioral Analysis

The value approach carries the risk that a stock's intrinsic value may not be recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level.

T. Rowe Price Investment Services, Inc., Distributor.202004-1092990

December 31, 2020Value Fund

Experienced Management

Mark Finn

Investment Experience:23 YearsAt T. Rowe Price:30 Years

Morningstar®Overall Morningstar Rating

Morningstar Category Large Value

Rated against 1,128 Large Value funds, as of 12/31/2020, based on risk-adjusted returns.

He (Finn) still aims to invest in firms that are undervalued relative to their history, their sum-of-the-parts valuation, or the market.

- MorningstarFebruary 19, 2020

As of 12/31/2020, the Value Fund, received 4 stars for 3 Years/1,128 funds, 4 stars for 5 Years/998 funds, and 4 stars for 10 Years/716 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. 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.**

Top 20 HoldingsRank Issue Industry Country % of Net Assets1 Morgan Stanley Capital Markets United States 4.56%2 Alphabet Class C Interactive Media & Services United States 4.40%3 Microsoft Software United States 3.02%4 NextEra Energy Electric Utilities United States 2.88%

5 Qualcomm Semiconductors & Semiconductor Equipment United States 2.76%

6 Prologis Equity Real Estate Investment Trusts (REITs) United States 2.55%

7 Danaher Health Care Equipment & Supplies United States 2.43%8 GE Industrial Conglomerates United States 2.18%9 Thermo Fisher Scientific Life Sciences Tools & Services United States 2.11%

10 Applied Materials Semiconductors & Semiconductor Equipment United States 2.03%

11 Honeywell International Industrial Conglomerates United States 1.69%12 Deere Machinery United States 1.68%13 Packaging Corporation of America Containers & Packaging United States 1.67%14 Sempra Energy Multi-Utilities United States 1.66%15 American International Group Insurance United States 1.66%16 JPMorgan Chase Banks United States 1.66%

17 Broadcom Semiconductors & Semiconductor Equipment United States 1.63%

18 Bank of America Banks United States 1.62%

19 NXP Semiconductors Semiconductors & Semiconductor Equipment United States 1.61%

20 Linde Chemicals United States 1.56%

Total Portfolio Holdings 115 companies

Cumulative ReturnsInvestor ClassHypothetical Growth of $10,000

0.79%Expense Ratio Gross:0.78%*Net:

$29,845.03

Average Annual Total Returns AnnualizedValue FundInception Date: 09/30/94

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

Investor Class 18.64% 10.50% 10.50% 8.09% 10.76% 11.55% 10.89%

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.*The expense ratio is as of the fund's most recent prospectus. The fund currently operates under an expense limitation that caps its expense ratio at 0.78% through

04/30/2021. Please see the prospectus for more details.**Source for Morningstar data: ©2020 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.

©2020 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.