RRFDX Fees and Costs — T. Rowe Price Equity Income Fund, R Class
Data updated: 2026-08-27
The net expense ratio is 1.25%: a 0.53% management fee, a 0.50% 12b-1 fee plus 0.22% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.4M in broker commissions, 0.0087% of average net assets, and portfolio turnover was 18%.
RRFDX Fees and Expenses
Annual operating expenses and sales charges of RRFDX. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.53% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.22% |
| Gross expense ratio | 1.25% |
| Fee waiver | — |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
RRFDX Costs Over Time
On $10,000 invested in RRFDX, assuming 5% a year before costs, total costs come to $783 over 5 years, cutting the return by 1.32% 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 1.25%) | $131 | $408 | $706 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $132 | $432 | $783 |
| Value after costs | $10,368 | $11,145 | $11,980 |
| Impact on return, per year | 1.32% | 1.32% | 1.32% |
RRFDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0087%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $41.8M
- Portfolio turnover (prospectus): 18%
- Securities on loan, average value: $0
- Net income from securities lending: —
RRFDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $176K | 16.23% |
| GOLDMAN SACHS & CO. LLC | $166K | 15.39% |
| MORGAN STANLEY & CO. LLC | $117K | 10.86% |
| J.P. MORGAN SECURITIES LLC | $114K | 10.53% |
| EVERCORE GROUP L.L.C. | $105K | 9.74% |
| Citigroup Inc. | $100K | 9.27% |
| RBC Capital Markets, LLC | $94K | 8.66% |
| JEFFERIES LLC | $76K | 7.01% |
| TD Securities Ltd. | $68K | 6.27% |
| BMO Capital Markets Corp. | $65K | 6.04% |
RRFDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $9.2M | 24.04% |
| J.P. MORGAN SECURITIES LLC | $9.2M | 24.04% |
| MIZUHO SECURITIES USA LLC | $9.2M | 24.04% |
| WELLS FARGO SECURITIES, LLC | $1.9M | 4.92% |
| Citigroup Inc. | $1.9M | 4.92% |
| GOLDMAN SACHS & CO. LLC | $1.9M | 4.92% |
| MORGAN STANLEY & CO. LLC | $1.9M | 4.92% |
| BARCLAYS CAPITAL INC. | $1.0M | 2.73% |
| RBC Capital Markets, LLC | $1.0M | 2.73% |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | $1.0M | 2.73% |
T. Rowe Price Equity Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TRZQX | Z Class | 0.00% | — |
| REIPX | I Class | 0.56% | — |
| PRFDX | T. Rowe Price Equity Income Fund | 0.69% | — |
| PAFDX | Advisor Class | 1.02% | — |
| RRFDX | R Class | 1.25% | — |
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.