PREFX Fees and Costs — T. Rowe Price Tax-Efficient Equity Fund
Data updated: 2026-07-28
The net expense ratio is 0.82%: a 0.63% management fee plus 0.19% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $33K in broker commissions, 0.0025% of average net assets, and portfolio turnover was 17%.
PREFX Fees and Expenses
Annual operating expenses and sales charges of PREFX. Prospectus, as of April 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.63% |
| 12b-1 fee | — |
| Other expenses | 0.19% |
| Gross expense ratio | 0.82% |
| Fee waiver | — |
| Net expense ratio | 0.82% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PREFX Costs Over Time
On $10,000 invested in PREFX, assuming 5% a year before costs, total costs come to $516 over 5 years, cutting the return by 0.86% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.82%) | $86 | $269 | $468 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $13 | $47 |
| Total costs | $86 | $283 | $516 |
| Value after costs | $10,414 | $11,293 | $12,247 |
| Impact on return, per year | 0.86% | 0.86% | 0.86% |
PREFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0025%
- Total broker commissions: $33K
- Bought from dealers (principal trades, not a cost): $1.6M
- Portfolio turnover (prospectus): 17%
- Securities on loan, average value: $3.2M
- Net income from securities lending: $12K (0.001% of average net assets)
PREFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu ITG Hong Kong Limited | $9K | 26.37% |
| BOFA SECURITIES, INC. | $8K | 25.56% |
| CITADEL SECURITIES INSTITUTIONAL LLC | $8K | 24.94% |
| JEFFERIES LLC | $3K | 10.29% |
| GOLDMAN SACHS & CO. LLC | $3K | 9.75% |
| RBC Capital Markets, LLC | $837 | 2.56% |
| J.P. MORGAN SECURITIES LLC | $105 | 0.32% |
| MORGAN STANLEY & CO. LLC | $34 | 0.10% |
| TD Securities Ltd. | $21 | 0.06% |
| Citigroup Inc. | $13 | 0.04% |
PREFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $384K | 29.59% |
| MORGAN STANLEY & CO. LLC | $284K | 21.88% |
| J.P. MORGAN SECURITIES LLC | $252K | 19.40% |
| BOFA SECURITIES, INC. | $117K | 9.01% |
| Citigroup Inc. | $75K | 5.79% |
| JEFFERIES LLC | $49K | 3.77% |
| Deutsche Bank Securities Inc. | $35K | 2.72% |
| BARCLAYS CAPITAL INC. | $35K | 2.69% |
| Allen & Company LLC | $34K | 2.62% |
| WELLS FARGO SECURITIES, LLC | $33K | 2.53% |
T. Rowe Price Tax-Efficient Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TEEFX | I Class | 0.68% | — |
| PREFX | T. Rowe Price Tax-Efficient Equity Fund | 0.82% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.