Fund Facts  

Inception Date: Mar 31, 2000
CUSIP: 779547207
Ticker Symbol: PAFDX
Morningstar Category:Large Value
As of Jun 30, 2021
Fund Net Assets ($millions) $18,988

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. The adviser 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 Russell 1000® Value 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 Fund’s prospectus or other disclosure documents for information about the Fund’s risks.


Performance & Expenses

Standard Performance As of Jun 30, 2021
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
T Rowe Price® Equity Incomea4.37%18.24%47.32%11.11%11.98%10.39%7.77%
Russell 1000 Value Indexa,b5.21%17.05%43.68%12.42%11.87%11.61%N/A
Morningstar Large Valuea,c5.51%17.52%42.88%11.93%12.07%10.95%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, participants or plan sponsors in a MissionSquare Retirement administered account can log in at, or institutions can go to

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.

Fund Expensesa
Gross Expenses0.95%
Net Expenses0.95%


a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2021 All rights reserved. This information: (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 information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.

c. The Morningstar category average return represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.


Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Jun 28, 2021Jun 28, 2021$0.130000000
Mar 29, 2021Mar 29, 2021$0.100000000
Dec 11, 2020Dec 11, 2020$0.580000000
Sep 28, 2020Sep 28, 2020$0.150000000
Jun 26, 2020Jun 26, 2020$0.170000000
Mar 27, 2020Mar 27, 2020$0.120000000
Dec 12, 2019Dec 12, 2019$1.830000000
Sep 26, 2019Sep 26, 2019$0.170000000
Jun 26, 2019Jun 26, 2019$0.150000000
Mar 27, 2019Mar 27, 2019$0.140000000
Dec 12, 2018Dec 12, 2018$2.610000000
Sep 26, 2018Sep 26, 2018$0.150000000
Jun 27, 2018Jun 27, 2018$0.170000000
Mar 27, 2018Mar 27, 2018$0.090000000
Dec 13, 2017Dec 13, 2017$2.690000000
Sep 27, 2017Sep 27, 2017$0.170000000
Jun 28, 2017Jun 28, 2017$0.140000000
Mar 29, 2017Mar 29, 2017$0.080000000

Morningstar Information

Morningstar RatingTM   As of Jun 30, 2021
Period Stars Category Size
Overall 3 Stars1141
3-Year 3 Stars1141
5-Year 3 Stars1012
10-Year 2 Stars740

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–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 Rating for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating/40% three–year rating for 60–119 months of total returns, and 50% 10–year rating/30% five–year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Jun 30, 2021
Equity Stylebox Fixed Income Stylebox
Large Value
Allocation of Assets As of Mar 31, 2021
Type of Asset Percent
Fixed Income1%

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



Allocation of Assets As of Mar 31, 2021
Asset ClassPercent
Domestic Stock89.5%
Foreign Stock8.3%
Domestic Bond0.0%
Foreign Bond0.0%

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


Equity Sector As of Mar 31, 2021
Financial Services22.1%
Consumer Defensive7.0%
Consumer Cyclical6.4%
Communication Services5.4%
Real Estate4.5%
Basic Materials4.4%

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

Top Ten Holdings As of Mar 31, 2021
Holding NamePercent
Wells Fargo & Co3.3%
General Electric Co2.9%
Southern Co2.5%
Qualcomm Inc2.4%
MetLife Inc2.2%
United Parcel Service Inc Class B2.1%
American International Group Inc2.1%
Chubb Ltd2.0%
Weyerhaeuser Co1.8%
Anthem Inc1.8%


Portfolio Statistics As of Jun 30, 2021
Standard Deviation21.0216.97

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 or disclosure materials 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 or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in at

The source for this information is Morningstar, Inc. Copyright © 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. Morningstar, Inc. is a global investment research firm that is not affiliated with MissionSquare Retirement or its affiliates. MissionSquare Retirement 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.