T. Rowe Price U.S. Equity Research Fund
Effective November 1, 2026, the total expense ratio limitation applicable to the fund’s Investor Class will be reduced from 0.68% to 0.44%. Accordingly, the fee table and expense example in the Summary Prospectus and Section 1 of the Prospectus are revised as follows:
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. The fees and expenses below are annualized based on the fees and expenses for the six-month period ended June 30, 2026. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.
Fees and Expenses of the Fund |
|
|
|
|
|
|
|
|
|
| |
| Investor
| I
| Advisor | R
| Z
| ||||||
| |||||||||||
Maximum account fee | $ | a |
|
|
|
| |||||
| |||||||||||
Management fees | | % | | % |
| % | | % |
| % | |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution and service (12b-1) fees | |
| |
| |
| |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses | |
| |
| |
| |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total annual fund operating expenses | |
|
|
| |
| |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Fee waiver/expense reimbursement |
( | )b | |
|
|
| |
| ( | )c | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total annual fund operating expenses after fee waiver/expense reimbursement | | b |
|
| |
| |
| c | ||
|
|
|
|
|
|
|
|
|
|
|
|
a | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. | ||||||||||
b | T. Rowe Price Associates, Inc., has contractually agreed (through February 29, 2028) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.44%. The agreement may only be terminated at any time after February 29, 2028, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.44%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). | ||||||||||
c | T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. | ||||||||||
for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years |
| ||||
Investor Class | $ | $ | $ | $ |
| ||||
I Class |
|
|
|
|
| ||||
Advisor Class |
|
|
|
|
| ||||
R Class |
|
|
|
|
| ||||
Z Class |
|
|
|
|
| ||||
F108-041 11/2/26