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Dividend Growth Fund

Invests at least 65% of its total assets in the common stocks of dividend-paying companies that we expect to increase their dividends over time and also provide long-term appreciation.

Dividend-paying stocks may lag shares of smaller, faster-growing companies. Also, stocks that appear temporarily out of favor may remain out of favor for a long time.

PRDGXCUSIP 779546100
Fund Story Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,219 funds)

Data as of 11/30/2017

Data as of 11/30/2017

Fund Manager Tenure2

Net Assets3
(USD)

17yrs
$8.8b

Data as of 11/30/2017

Data as of 11/30/2017

Price
(USD)

Daily Price Change

$43.45
$+0.38

Data as of 12/15/2017

Data as of 12/15/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Thomas J.  Huber
Thomas J. Huber, Portfolio Manager

Thomas J. Huber is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the lead portfolio manager for the US Dividend Growth Strategy. Mr. Huber is a vice president of T. Rowe Price Group, Inc.

Strategy

Investment Objective

The fund seeks dividend income and long-term capital growth primarily through investments in stocks.

Morningstar Equity Style

Large Blend

Data as of 11/30/2017

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Rank Funds In Category (Large Blend)
Overall N/A 1,219
3 Years 133 1,219
5 Years 428 1,083
10 Years 97 797

The Morningstar Rating™ for funds, or "star rating", is calculated for funds 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.

Average Annual Total Returns (Investor Class)

1 YR
15.24%
Benchmark
18.61%
Value
-3.37% -2.19%

Data as of 09/30/2017

3 YR
11.09%
Benchmark
10.81%
Value
0.28% -0.02%
5 YR
13.67%
Benchmark
14.22%
Value
-0.55% -0.75%
10 YR
7.67%
Benchmark
7.44%
Value
0.23% 0.15%

Expense Ratio

Gross
0.64%
Net
0.64%

Benchmark: S&P 500 Index

Fund Inception: 12/30/1992

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (Investor Class)

Daily YTD
19.52%
Benchmark
21.86%
Value
-2.34%

Data as of 12/15/2017

Monthly YTD
19.16%
Benchmark
20.49%
Value
-1.33%

Data as of 11/30/2017

One Month
3.29%
Benchmark
3.07%
Value
0.22%
Three Months
7.25%
Benchmark
7.65%
Value
-0.40%

Benchmark: S&P 500 Index

Fund Inception: 12/30/1992

Asset Allocation

Net Assets
(USD)
$8.8b
Largest US Stock 91.78% $8.0b
Other View complete Asset Allocation

Data as of 11/30/2017

Holdings

Total
Holdings
108
Largest Holding Microsoft 2.79% Was (06/30/2017) 2.60%
Other View complete Full Holdings
Top 10 Holdings 21.62% View the latest Top 10 Holdings

Data as of 09/30/2017

Contributor

Microsoft
By 0.03%
% of fund 2.79%

Detractor

Johnson Controls International
By -0.08%
% of fund 1.29%

Data as of 09/30/2017

Sectors

Total
Sectors
10
Largest Sector Health Care 17.66% Was (10/31/2017) 17.56%
Other View complete Sector Diversification

Data as of 11/30/2017

Benchmark: S&P 500 Index

Contributor

Real Estate
By 0.05%
Sector 0.01%
Selection 0.04%

Detractor

Health Care
By -0.26%
Sector -0.03%
Selection -0.23%

Data as of 09/30/2017

Over

Health Care
By 3.61%
Fund 17.66%
Benchmark 14.06%

Under

Information Technology
By -10.04%
Fund 13.90%
Benchmark 23.95%

Data as of 11/30/2017

Team (As of )

Thomas J.  Huber

Thomas J. Huber
Portfolio Manager

Thomas J. Huber is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the lead portfolio manager for the US Dividend Growth Strategy. Mr. Huber is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2000
  • Years at
    T. Rowe Price 23
  • Years investment
    experience 24
William D. Nolan

William D. Nolan
Portfolio Specialist

William D. Nolan is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Nolan supports T. Rowe Price's large-cap value strategies, focusing on the US Large-Cap Equity Income and US Value Equity Strategies. He is a vice president of T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 8
  • Years investment
    experience 26

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) Redemption Fee 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 779546100
$2,500 $100 N/A 0.00% 0.64% 0.64% N/A N/A
Advisor Class
Cusip 779546209
$2,500 $100 N/A 0.25% 0.91% 0.91% N/A
N/A
I Class
Cusip 779546308
$1,000,000* N/A N/A 0.00% 0.51% 0.51% N/A
N/A

* Minimum initial investment $1,000,000, certain exceptions may apply. Minimum waived for I Classes offered through Workplace Retirement plans.

1

© 2017 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. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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