Fiscal Year End
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The fund's objective is to provide increasing dividend income over time, long-term capital appreciation, and reasonable current income through investments primarily in dividend-paying stocks.
The fund will normally invest at least 65% of total assets in the common stocks of dividend-paying companies that T. Rowe Price expects to increase their dividends over time and also provide long-term appreciation. T. Rowe Price believes that a track record of dividend increases is an excellent indicator of financial health and growth prospects, and that over the long term, income can contribute significantly to total return. Dividends can also help reduce the fundís volatility during periods of market turbulence and help offset losses when stock prices are falling.
Individuals seeking increasing income over time, along with capital appreciation, who can accept the price declines inherent in common stock investing. Appropriate for both regular and tax-deferred accounts, such as IRAs.
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The fund seeks investments that will allow its dividend growth rate to exceed the inflation rate and that can also provide capital appreciation. While a companyís stock price can go up or down in response to earnings or market fluctuations, dividends, the second component of a fundís total return, are usually more reliable. Therefore, dividend-paying stocks generally are less volatile than those paying below-average dividends or none at all.
The fundís emphasis on dividend-paying companies could result in significant investments in large-capitalization stocks. At times, large-cap stocks may lag shares of smaller, faster-growing companies. Also, a company may reduce or eliminate its dividend. The fundís efforts to buy stocks that appear temporarily out of favor carry the risk that a stock or group of stocks may remain out of favor for a long time and may continue to decline.