Fund Facts  

Inception Date: Oct 31, 1985
Ticker Symbol: PRFDX
Morningstar Category:Large Value
As of Feb 29, 2016
Fund Net Assets ($millions) $20,813

Documents for Fund or Underlying Fund(s)  



The investment seeks a high level of dividend income and long-term capital growth primarily through investments in stocks.

Principal Investment Strategies  

The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in common stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued. It generally seeks investments in large-capitalization companies and the fund's yield, which reflects the level of dividends paid by the fund, is expected to normally exceed the yield of the S&P 500 Stock Index.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Risk Glossary for additional information about the Fund’s risks.


Performance & Expenses

Standard Performance As of Mar 31, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
T Rowe Price® Equity Incomea2.74%2.74%-3.10%6.35%8.06%5.39%10.55%
S&P 500 Indexa,b1.35%1.35%1.78%11.82%11.58%7.01%N/A
Morningstar Large Valuea,c1.28%1.28%-2.96%8.16%8.75%5.20%N/A

Fund past performance, as shown, is no guarantee of how the fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total expensesa0.66%


a. Returns and/or expenses provided by Morningstar, Inc. Copyright © 2016. 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. ICMA-RC does not independently verify Morningstar data.

b. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S.

c. The Morningstar Category Average is the equal-weighted average return of all funds per category, as identified by Morningstar, Inc.


Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Mar 29, 2016Mar 29, 2016$0.100000000
Dec 11, 2015Dec 11, 2015$1.670000000
Sep 28, 2015Sep 28, 2015$0.180000000
Jun 26, 2015Jun 26, 2015$0.170000000
Mar 27, 2015Mar 27, 2015$0.110000000
Dec 11, 2014Dec 11, 2014$1.950000000
Sep 26, 2014Sep 26, 2014$0.140000000
Jun 26, 2014Jun 26, 2014$0.150000000
Mar 27, 2014Mar 27, 2014$0.200000000
Dec 12, 2013Dec 12, 2013$0.990000000
Sep 26, 2013Sep 26, 2013$0.140000000
Jun 26, 2013Jun 26, 2013$0.130000000
Mar 26, 2013Mar 26, 2013$0.130000000
Dec 13, 2012Dec 13, 2012$0.160000000
Sep 26, 2012Sep 26, 2012$0.130000000
Jun 27, 2012Jun 27, 2012$0.140000000
Mar 28, 2012Mar 28, 2012$0.130000000
Dec 13, 2011Dec 13, 2011$0.130000000

Morningstar Information

Morningstar Rating   As of Mar 31, 2016
Period Stars Category Size
Overall 3 Stars1207
3-Year 2 Stars1207
5-Year 3 Stars1051
10-Year 3 Stars764

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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 Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Mar 31, 2016
Equity Stylebox
Large Value
Allocation of Assets As of Dec 31, 2015
Type of Asset Percent
Fixed Income1%

Due to rounding, percentages shown may not add up to 100%.



Allocation of Assets As of Dec 31, 2015
Asset ClassPercent
Domestic Stock90.8%
Foreign Stock5.2%
Domestic Bond0.2%
Foreign Bond0.4%

Due to rounding, percentages shown may not add up to 100%.

Equity Sector As of Dec 31, 2015
Financial Services22.5%
Consumer Cyclical10.3%
Basic Materials4.6%
Communication Services3.8%
Consumer Defensive3.7%
Real Estate0.7%

Exposure reflects equity securities only and will sum to the equity exposure of the fund.

Top Ten Holdings As of Dec 31, 2015
Holding NamePercent
General Electric Co3.4%
JPMorgan Chase & Co3.3%
Exxon Mobil Corporation2.3%
Microsoft Corp2.3%
Johnson & Johnson2.1%
Pfizer Inc2.1%
Boeing Co2.0%
Bank of America Corporation1.7%
MetLife Inc1.6%
Verizon Communications Inc1.6%


Portfolio Statistics As of Mar 31, 2016
Standard Deviation11.5912.34

Trading Restrictions

Purchase, Sale, and Transfer Restrictions


Fund-to-Fund Transfers involving the T.Rowe Price Funds will be limited to reduce excessive trading and its adverse effects on the funds. If you transfer assets out of a T.Rowe Price Fund to another investment option, you must wait at least 31 days before transferring assets back into the same fund.




T. Rowe Price® is a registered trademark of T. Rowe Price Group, Inc. - all rights reserved.


Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing, or visiting

The source for this information is Morningstar, Inc. Copyright © 2016 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. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.