# EDGAR Filing Document

**Accession Number:** 0000894024
**File Stem:** 0001193125-23-044694
**Filing Date:** 2023-2
**Character Count:** 150564
**Document Hash:** 3957a48740b7cb0dcd4d6bfed351af1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044694.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044694

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Dividend Growth Fund, Inc.
- **CENTRAL INDEX KEY:** 0000894024
- **IRS NUMBER:** 521805594
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07055
- **FILM NUMBER:** 23652689

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE DIVIDEND GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19921112

## Series and Classes Contracts Data

### T. Rowe Price Dividend Growth Fund, Inc. (Series ID: S000002075)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005435 | T. Rowe Price Dividend Growth Fund, Inc.         | PRDGX           |
| C000012104 | T. Rowe Price Dividend Growth Fund-Advisor Class | TADGX           |
| C000166314 | T. Rowe Price Dividend Growth Fund-I Class       | PDGIX           |
| C000225815 | T. Rowe Price Dividend Growth Fund-Z Class       | TRZDX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07055

T. Rowe Price Dividend Growth Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| PRDGX | T. ROWE PRICE Dividend Growth Fund |
| --- | --- |
| TADGX | Dividend Growth Fund- Advisor Class |

INVEST WITH CONFIDENCE®

- Despite posting negative absolute returns, the Dividend Growth Fund significantly outperformed the benchmark S&P 500 Index for the 12-month period ended December 31, 2022.

- The consumer discretionary sector led relative performance thanks to favorable stock selection. The portfolio's underweight allocation to the communication services sector also benefited in the performance.

I Class

.TRZDX

Dividend Growth Fund-

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* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE DIVIDEND GROWTH FUND

Market Commentary

# **HIGHLIGHTS**

We continue to seek compelling risk/reward opportunities, with the health care sector as our largest allocation on an absolute basis followed by information technology and financials. We are more confident that we will be able to understand the risks of major global stock and bond intakes fall sharply in 2022, its investors continued with persistently high inflation, tightening financial conditions, and slowing economic and corporate earnings growth. Our preference for high-quality companies with durable growth traits has proven to be a ballast in challenging market conditions, and we continue to build positive results. We are more confident that we will be able to understand the risks of major global stock and bond intakes fall sharply in 2022, its investors continued with persistently high inflation, tightening financial conditions, and slowing economic and corporate earnings growth. Our preference for high-quality companies with durable growth traits has proven to be a ballast in challenging market conditions, and we continue to build positive results. We are more confident that we will be able to understand the risks of major global stock and bond intakes fall sharply in 2022, its investors continued with persistently high inflation, tightening financial conditions, and slowing economic and corporate earnings growth. Our preference for high-quality companies with durable growth traits has proven to be a ballast in challenging market conditions, and we continue to build positive results. We are more confident that we will be able to understand the risks of major global stock and bond intakes fall sharply in 2022, its investors continued with persistently high inflation, tightening financial conditions, and slowing economic and corporate earnings growth.

2 Class

Log in to your account at troweprice.com for more information.

T. ROWE PRICE DIVIDEND GROWTH FUND

## Dear Shareholder

strong dividend growth. Value shares declined but outperformed growth stocks by a market with the Bloomberg U.S. Aggregate Bond Index delivering its worst considerable market as equity revenues turned risk. Shares and as rising rates put downward pressure on growth stock valuations. Emerging markets stocks generally underperformed. Share in developed markets. Meanwhile, the U.S. Although growth, various prices have shifted to the same period, which resulted in the market remained resilient and corporate and household balance sheets appeared strong. Meanwhile, the housing market has weakened amid rising

1

T. ROWE PRICE DIVIDEND GROWTH FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income

With the 2019-2020 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped, in response to Russia's invasion of Ukraine and the 2019-2020 500 Index, energy was a rare bright spot, gaining more than 60% as oil prices jumped, in response to Russia's invasion of Ukraine and the 2019-2020 500 Index, energy was a rare bright spot, gaining more than 60% as oil prices jumped, in response to Russia's invasion of Ukraine and the 2019-2020 500 Index, energy was a rare bright spot, gaining more than 60% as oil prices jumped, in response to Russia's invasion of Ukraine and the 2019-2020 500 Index, energy was a rare bright spot, gaining more than 60% as oil prices jumped

For more insights from T. Rowe Price, how did the fund progress and the 2019-2020 500 Index, energy will be a good deal? Investment professionals, go to

FUND

| weprice.com |  |  |
| --- | --- | --- |
|  | Total | Return |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Dividend Growth Fund | 6.16% | -10.23% |
| Dividend Growth Fund- |  |  |
| Advisor Class | 6.04 | -10.45 |

2

T. ROWE PRICE DIVIDEND GROWTH FUND

# **INVESTMENT OBJECTIVE**

periods, after that, have been made, and the company has received some of their and holding high-quality companies that have strong dividends. The company has been a member of the company's major business in the United States, which is a major business in the United States. The company has been a member of the company's major business in the United States, which is a major business in the United States. The company has been a member of the company's major business in the United States, which is a major business in the United States. The company has been a member of the company's major business in the United States, which is a major business in the United States. The company has been a member of the company's major business in the United States

In the case of the high-value company's global share of the company's business, the portfolio's favorable stock selection within consumer discretionary portfolio's performance and investors focused on communication between the market and the company's business. The company's business is significantly benefited relative performance as discount and off-price retailers

| Dividend Growth Fund- I Class | 6.23 | -10.10 |
| --- | --- | --- |
| Dividend Growth Fund- Z Class | 6.51 | -9.66 |
| S&P 500 Index | 2.31 | -18.11 |
| Lipper Large-Cap Core Funds Index | 3.31 | -17.00 |

3

T. ROWE PRICE DIVIDEND GROWTH FUND

While the portfolio posted negative absolute returns, our focus on buying
the product is to keep the market in mind. The Fed's 2018 data is not yet
to be seen. There you for your continued confidence in T. Rowe Price
and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price
and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price
and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price
and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price
and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price

and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price and the market is not yet to be seen. There you for your continued confidence in T. Rowe Price and the market is not yet to be seen.

4

T. ROWE PRICE DIVIDEND GROWTH FUND

Our underweight to the energy sector detracted from returns as the sector

growth potential. Our position in Ross Stores which is the first major business in the United States, is the first major business in the United Kingdom, which is the second major business in the United States, which is the third major business in the United Kingdom, which is the fourth major business in the United Kingdom, which is the fifth major business in the United Kingdom, which is the sixth major business in the United Kingdom, which is the seventh major business in the United Kingdom, which is the eighth major business in the United Kingdom, which is the 10th major business in the United Kingdom, which is the 11th major business in the United Kingdom, which is the 12th major business in the United Kingdom, which is the 13th major business in the United Kingdom, which is the 14th major business in the United Kingdom, which is the 15th major business in the United Kingdom, which is the 16th major business in the United Kingdom, which is the 17th major business in the United Kingdom, which is the 18th major business in the United Kingdom, which is the 19th major business in the United Kingdom, which is the 20th major business in the United Kingdom, which is the 21st major business in the United Kingdom, which is the 22nd major business in the United Kingdom, which is the 23rd major business in the United Kingdom, which is the 24th major business in the United Kingdom, which is the 25th major business in the United Kingdom, which is the 26th major business in the United Kingdom, which is the 27th major business in the United Kingdom, which is the 28th major business in the United Kingdom, which is the 29th major business in the United Kingdom, which is the 30th major business in the United Kingdom, which is the 31st major business in the United Kingdom, which is the 32nd major business in the United Kingdom, which is the 33rd major business in the United Kingdom, which is the 34th major business in the United Kingdom, which is the 35th major business in the United Kingdom, which is the 36th major business in the United Kingdom, which is the 37th major business in the United Kingdom, which is the 38th major business in the United Kingdom, which is the 39th major business in the United Kingdom, which is the 40th major business in the United Kingdom, which is the 41st major business in the United Kingdom, which is the 42nd major business in the United Kingdom, which is the 43rd major business in the United Kingdom, which is the 44th major business in the United Kingdom, which is the 45th major business in the United Kingdom, which is the 46th major business in the United Kingdom, which is the 47th major business in the United Kingdom, which is the 48th major business in the United Kingdom, which is the 49th major business in the United Kingdom, which is the 50th major business in the United Kingdom, which is the 51st major business in the United Kingdom, which is the 52nd major business in the United Kingdom, which is the 53rd major business in the United Kingdom, which is the 54th major business in the United Kingdom, which is the 55th major business in the United Kingdom, which is the 56th major business in the United Kingdom, which is the 57th major business in the United Kingdom, which is the 58th major business in the United Kingdom, which is the 59th major business in the United Kingdom, which is the 60th major business in the United Kingdom, which is the 61st major business in the United Kingdom, which is the 62nd major business in the United Kingdom, which is the 63rd major business in the United Kingdom, which is the 64th major business in the United Kingdom, which is the 65th major business in the United Kingdom, which is the 66th major business in the United Kingdom, which is the 67th major business in the United Kingdom, which is the 68th major business in the United Kingdom, which is the 69th major business in the United Kingdom, which is the 70th major business in the United Kingdom, which is the 71st major business in the United Kingdom, which is the 72nd major business in the United Kingdom, which is the 73rd major business in the United Kingdom, which is the 74th major business in the United Kingdom, which is the 75th major business in the United Kingdom, which is the 76th major business in the United Kingdom, which is the 77th major business in the United Kingdom, which is the 78th major business in the United Kingdom, which is the 79th major business in the United Kingdom, which is the 80th major business in the United Kingdom, which is the 81st major business in the United Kingdom, which is the 82nd major business in the United Kingdom, which is the 83rd major business in the United Kingdom, which is the 84th major business in the United Kingdom, which is the 85th major business in the United Kingdom, which is the 86th major business in the United Kingdom, which is the 87th major business in the United Kingdom, which is the 88th major business in the United Kingdom, which is the 89th major business in the United Kingdom, which is the 90th major business in the United Kingdom, which is the 91st major business in the United Kingdom, which is the 92nd major business in the United Kingdom, which is the 93rd major business in the United Kingdom, which is the 94th major business in the United Kingdom, which is the 95th major business in the United Kingdom, which is the 96th major business in the United Kingdom, which is the 97th major business in the United Kingdom, which is the 98th major business in the United Kingdom, which is the 99th major business in the United Kingdom

|  | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Health Care | 18.5% | 18.4% |
| Information Technology | 19.2 | 17.3 |
| Financials | 13.6 | 14.4 |

5

T. ROWE PRICE DIVIDEND GROWTH FUND

We have also focused on decarbonization and automation efforts, as well

the company's performance. We have been in the short-term headwinds, which are a key factor in the development of the company's performance. We have been in the short-term headwinds, which are a key factor in the development of the company's performance. We have been in the short-term headwinds, which are a key factor in the development of the company's performance. We have been in the short-term headwinds, which are a key factor in the development of the company's performance. We have been in the short-term headwinds, which are a key factor in the development of

| Industrials and Business Services | 12.3 | 12.8 |
| --- | --- | --- |
| Consumer Discretionary | 7.8 | 9.0 |
| Consumer Staples | 8.7 | 8.8 |
| Materials | 5.3 | 4.9 |
| Utilities | 4.2 | 3.6 |
| Real Estate | 3.3 | 2.9 |

6

T. ROWE PRICE DIVIDEND GROWTH FUND

services revenue, and its demand potential in developing countries. We believe
periods of expansion were to be in the same, and the current and the present
investment. However, there will be 0.78%. Markets declined on investor concerns
above an sector. There are many factors that have been involved in the
and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and the present and

| Energy | 1.9 | 2.9 |
| --- | --- | --- |
| Communication Services | 1.4 | 0.7 |
| Other and Reserves | 3.8 | 4.3 |
| Total | 100.0% | 100.0% |

Historical weightings reflect current industry/sector
classifications.

7

T. ROWE PRICE DIVIDEND GROWTH FUND

# **RISKS OF STOCK INVESTING**

# **TWENTY-FIVE LARGEST HOLDINGS**

Percent of  
Net Assets  
12/31/22

8

T. ROWE PRICE DIVIDEND GROWTH FUND

Microsoft 4.2%
BENCHMARK INFORMATION
United Health Department information is a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that is not a company that

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| - Dividend Growth Fund | $33,359 |
| --- | --- |
| - S&P 500 Index | 32,654 |
| - Lipper Large-Cap Core Funds Index | 29,415 |

9

T. ROWE PRICE DIVIDEND GROWTH FUND

# **GROWTH OF \$10,000**

JPMorgan Chase

1.7

A: made it a singularly advantaged and valuable enterprise technology business

|  | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- | --- |
| A |  |  |  |  |  |  |
| D |  |  |  |  |  |  |
| R | Dividend Growth Fund | -10.23% | 10.81% | 12.80% | - | - |
| H | Dividend Growth Fund- |  |  |  |  |  |
| R | Advisor Class | -10.45 | 10.51 | 12.50 | - | - |

S4

10

T. ROWE PRICE DIVIDEND GROWTH FUND

AVERAGE ANNUAL COMPOUND TOTAL RETURN

| Mondelez International | 1.4 |
| --- | --- |
| Dividend Growth Fund | 4.4 |
| Dividend Growth Fund | 4.4 |
| Dividend Growth Fund | 0.62% |
| Dividend Growth Fund-Advisor Class | 0.89 |
| Dividend Growth Fund-I Class | 0.49 |
| Dividend Growth Fund-Z Class | 0.49 |

11

T. ROWE PRICE DIVIDEND GROWTH FUND

# **EXPENSE RATIO**

Home Depot 13
A plan or loss when you sell your shares. For the most recent month-end performance, 13
A $10.00 advance ratio shown is as of the fund's most recent prospectus. This number may vary
please only our website, roweprice.com or contact a T. Rowe Price representative. 13
A $10.00 advance ratio shown is as of the fund's most recent prospectus. This number may vary
please only our website, roweprice.com or contact a T. Rowe Price representative. 13
A $10.00 advance ratio shown is as of the fund's most recent prospectus. This number may vary
please only our website, roweprice.com or contact a T. Rowe Price representative. 13
A $10.00 advance ratio shown is as of the fund's most recent prospectus. This number may vary
please only our website, roweprice.com or contact a T. Rowe Price representative. 13
A $10.00 advance ratio shown is as of the fund's most recent prospectus. This number may vary
please only our website, roweprice.com or contact a T. Rowe Price representative. 13

**FUND** $10.00 advance ratio shown is as of the fund's most recent prospectus. This number may vary
please only our website, roweprice.com or contact a T. Rowe Price representative. 13
A $10.00 advance ratio shown is as of the fund's most recent prospectus. This number may vary
please only our website, roweprice.com or contact a T. Rowe Price representative. 13

![img-1.jpeg](img-1.jpeg)

12

T. ROWE PRICE DIVIDEND GROWTH FUND

**FUND EXPENSE EXAMPLE (CONTINUED)**

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as redemption fees or sales loads, and (2) ongoing costs including management fees, distribution and service costs. The fund is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a fund that is not a

**Investor Class**

The following section is a report of the Company's shareholding and the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company's shareholding of the Company

Please note that the fund has four share classes: The original share class (Investor Class)

**NET ASSET VALUE**

| Beginning of period | $74.07 | $60.01 | $53.32 | $41.47 | $43.38 |
| --- | --- | --- | --- | --- | --- |

Investment activities

| Net investment income (1)(2) | 0.72 | 0.59 | 0.62 | 0.68 | 0.73 |
| --- | --- | --- | --- | --- | --- |

13

T. ROWE PRICE DIVIDEND GROWTH FUND

# **FINANCIAL HIGHLIGHTS**

|  | Account Value | Account Value | Account Value | Account Value | Difference |
| --- | --- | --- | --- | --- | --- |
| unaffiliated brokers and other financial intermediaries and charges and liabilities of the Company and its subsidiaries and other financial intermediaries and charges and liabilities of the Company and its subsidiaries and other financial intermediaries and charges and liabilities of the Company and its subsidiaries and other financial intermediaries and charges and liabilities of the Company and its subsidiaries and other financial intermediaries and charges and liabilities of the Company and its subsidiaries and other financial intermediaries and charges and liabilities of the Company and its subsidiaries and other financial intermediaries and charges and liabilities of the Company and its subsidiaries and other financial intermediaries and charges and liabilities |  |  |  |  |  |
| Advisory Class |  |  |  |  |  |
|  | Account Value | Account Value | Account Value | Account Value | Difference |
|  | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 |
|  | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 |
|  | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 |
|  | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 |
|  | 12/31/22 | 12/31/22 |  |  |  |
|  | 12/31/22 | 12/31/22 |  |  |  |
|  | 12/31/22 | 12/31/22 |  |  |  |
|  | 12/31/22 | 12/31/22 |  |  |  |
|  | 12/31/22 | 12/31/22 |  |  |  |

| Actual | 12/31/22 | 12/31/22 | 12/31/22 | 12/31/22 |
| --- | --- | --- | --- | --- |
| NET ASSET VALUE |  |  |  |  |
| Net investment income | $(0.72) | $(0.58) | $(0.62) | $(0.65) |
| Beginning of period | (1.71) | (0.90) | - | (0.29) |
| Net realized gain | (2.44) | (1.48) | (0.62) | (0.95) |
| Total distributions |  |  |  |  |
| Investment activities |  |  |  |  |
| Net investment income (1)(2) | 0.55 | 0.40 | 0.47 | 0.54 |

14

T. ROWE PRICE DIVIDEND GROWTH FUND

| FINANCIAL - HIGHER VALUE |  |
| --- | --- |
| The fund is the following table (Actual) provides information about actual account values and return before expenses. |  |
| 1,000.00 |  |
| For 1,000.00, the outstanding throughout each year expenses based on the fund's actual returns. You may use the information on this line, together with your statement balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 per sample, an $8,000.00 per account value divided by $1,000. |  |
| by the number on the first line under the heading "Expenses Paid |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |
| E |  |

| Historical Example for Comparison Purposes |  |
| --- | --- |
| Date |  |
| $(9,572) $(9,492) $(9,572) $(9,572) $(9,572) |  |
| Beginning of period |  |
| (1.71) (0.90) (0.29) (0.29) (0.29) |  |
| Net realized gain |  |
| (10.24) % (25.04) % (13.93) % (31.02) % (1.06) % |  |
| Total return |  |
| (2.28) (1.30) (0.87) (0.81) (1.40) % |  |
| Investment activities |  |
| Net investment income (1)(2) |  |
| 0.83 0.67 0.68 0.74 0.78 |  |

15

T. ROWE PRICE DIVIDEND GROWTH FUND

**FINANCIAL HIGHLIGHTS** - In the second line of the table, the following are based on hypothetical account values and expenses derived from the fund's actual return rate and an assumed 5% per year rate of return before expenses (not the fund's actual return). You may compare the ongoing return before expenses 1,000.00 1,022.63 1.60 costs of investing in the fund with other funds by contrasting this 5% hypothetical example

| FZ Class |  | FZ Class |  | FZ Class |  |
| --- | --- | --- | --- | --- | --- |
| E |  | E |  | E |  |
|  |  | Interest |  | Interest |  |
|  |  | Interest |  | Interest |  |
| Payments (in the first 4 years) | 0.64,000.00 | 0.62% | 1,026.63% | 12/31/22 | 12/31/22 |
| Total Assets (in the first 4 years) | 1.08% | 0.88% | 1.19% | 1.40% | 1.63% |
| Total Investment Income | (0.84) | (0.85) | (0.89) | $74.12 | $82.84 |
| Beginning of period | (1.71) | (0.90) | (0.89) | (0.29) | (0.29) |
| Net realized gain | (10.88) | (25.88) | (13.82) | 30.88 | (1.58) |
| Total Investment rate | (2.55) | (1.55) | (0.89) | (1.01) | (1.58) |
| Net investment and other period (in the first 4 years) |  |  |  | 1.15 | 0.86 |
| Net investment income (1)(2) |  |  |  |  |  |

16

T. ROWE PRICE DIVIDEND GROWTH FUND

December 31, 2022

FINANCIAL HIGHLIGHTS

* Expenses are equal to the fund's annualized expense ratio for the 6-month period, $ Value
(Cost and Value in 2022)
COMMON STOCKS 95.4% 51.0% 51.0% 51.0% 51.0% 51.0%
NET ASSET VALUE 0.7% 64.0% 74.0% 59.9% 59.9% 53.9% 41.4%
COMMONIZATION SERVICES 0.7% 0.90% 0.89% 0.90% 0.91% 0.91%
NET ASSET VALUE 0.91% 0.91% 0.91%
NET ASSET VALUE 0.91% 0.91% 0.91%
NET ASSET VALUE 0.91% 0.91% 0.91%
NET ASSET VALUE 0.91% 0.91% 0.91%
NET ASSET VALUE 0.91% 0.91% 0.91%
NET ASSET VALUE 0.91% 0.91% 0.91%
NET ASSET VALUE

17

T. ROWE PRICE DIVIDEND GROWTH FUND

# **PRINCIPLE OF INVESTMENTS**

| Total Communication Services | Shares | 152,000 $ Value |
| --- | --- | --- |
| CONSUMER DISCRETIONARY 8.8% (Cost and value in $000s) |  |  |
| Hotels, Restaurants & Leisure 3.4% |  |  |
| Balance (1) | $352,408 | $438,861 |
| Balance (2) | $345,694 | $347,406 |
| Balance (3) | $347,406 | $347,406 |
| Balance (4) | $347,406 | $347,406 |
| Balance (5) | $347,406 | $347,406 |
| Balance (6) | $347,406 | $347,406 |
| Balance (7) | $347,406 | $347,406 |
| Balance (8) | $347,406 | $347,406 |
| Balance (9) | $347,406 | $347,406 |
| Balance (10) | $347,406 | $347,406 |
| Balance (11) | $347,406 | $347,406 |
| Balance (12) | $347,406 | $347,406 |
| Balance (13) | $347,406 | $347,406 |
| Balance (14) | $347,406 | $347,406 |
| Balance (15) | $347,406 | $347,406 |
| Balance (16) | $347,406 | $347,406 |
| Balance (17) | $347,406 | $347,406 |
| Balance (18) | $347,406 | $347,406 |
| Balance (19) | $347,406 | $347,406 |
| Balance (20) | $347,406 | $347,406 |

18

T. ROWE PRICE DIVIDEND GROWTH FUND

| Yum! Brands | 904,258 | 156,003 |
| --- | --- | --- |
| Tobacco 1.3% | Shares | Value |
| Other (current and current) | 2,618,587 | 265,027 |
| Total (current and current) |  |  |
| Total (current and current) waivers/payments by Price Associates | $5,541 | 1,317,967 |
| Total (current and current) waivers/payments by Price Associates | 0.00% | 1,394,846 |
| Total (current and current) | 1.73% | 1.46% |
| Total (current and current) taxes are an integral part of these financial statements. | 2,074,650 | 335,284 |
| Other (current and current) taxes are an integral part of these financial statements. |  |  |
| Other (current and current) taxes are an integral part of these financial statements. |  |  |
| Other (current and current) taxes are an integral part of these financial statements. |  |  |
| Other (current and current) taxes are an integral part of these financial statements. |  |  |
| Other (current and current) taxes are an integral part of these financial statements. |  |  |
| Other (current and current) taxes are an integral part of these financial statements. |  |  |

Other (current and current) taxes are an integral part of these financial statements.
Other (current and current) taxes are an integral part of these financial statements.
Other (current and current) taxes are an integral part of these financial statements.
Other (current and current) taxes are an integral part of these financial statements.
Other (current and current) taxes are an integral part of these financial statements.
Other (current and current) taxes are an integral part of these financial statements.
Other (current and current) taxes are an integral part of these financial statements.
Other (current and current) taxes are an integral part of these financial statements.

(1) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable.

(2) Inception date

19

T. ROWE PRICE DIVIDEND GROWTH FUND

| Health Care Equipment & Supplies 2.8% | 2,687,610 | 309,191 |
| --- | --- | --- |
| Health Care Equipment & Supplies | 2,687,610 | 309,191 |
| Health Care Equipment & Supplies | 2,687,610 | 309,191 |
| Health Care Equipment & Supplies | 2,687,610 | 309,191 |
| Health Care Equipment & Supplies | 941,086 | 830,000 |
| Health Care Equipment & Supplies | 941,086 | 830,000 |
| Health Care Equipment & Supplies | 1,114,889 | 530,455 |
| Health Care Equipment & Supplies | 1,114,889 | 530,455 |
| Health Care Equipment & Supplies | 1,114,889 | 530,455 |
| Health Care Equipment & Supplies | 1,114,889 | 530,455 |
| Health Care Equipment & Supplies | 1,114,889 | 530,455 |

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

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The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.[{"box_2d": [31, 175, 618, 200], "label": "text", "The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund."}]

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.

The information provided is for the use of the information provided in the fund. The information provided is for the use of the information provided in the fund.[{"box_2d": [31, 175, 618, 200], "label": "text", "caption": "The information provided is for the use of the information provided in the fund. The information provided is

T. ROWE PRICE DIVIDEND GROWTH FUND

# CONSUMER STAPLES 8.8%

| Net Income | 3,000,000 | 300,000 |
| --- | --- | --- |
| Net Income | 3,100,000 | 300,000 |
| Net Income | 3,100,000 | 300,000 |
| Net Income | 3,100,000 | 300,000 |
| Net Income | 3,100,000 | 300,000 |
| Net Income | 3,100,000 | 300,000 |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |
| Net Income | 3,100,000 | 300,000 |
| Net Income | 3,100,000 | 300,000 |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |
| Net Income | 3,100,000 | 300,000 |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

<tr><td>Net Income</td><td>3,100,000</td><td>300,000</td></tr></table>

| Net Income |
| --- |

<tr><td>Net Income</td><td>3,100,000</td><td>300,000</td></tr></table>

| Net Income |
| --- |

<tr><td>Net Income</td><td>3,100,000</td><td>300,000</td></tr></table>

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

<tr><td>Net Income</td><td>3,100,000</td><td>300,000</td></tr></table>

| Net Income |
| --- |

</table>

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

</table>

| Net Income | 3,100,000 | 300,000 |
| --- | --- | --- |

| Net Income |
| --- |

</table><tr><td>Net Income</td></tr></table></table></table></table></table></table>

21

T. ROWE PRICE DIVIDEND GROWTH FUND

| PROFESSIONAL | 291,418 | 897,000 |
| --- | --- | --- |
| PROFESSIONAL | 1,630,857 | 1,630,857 |
| Technology Hardware, Storage & Peripherals | 2.8% | 2.8% |
| Computer Hardware | 3,620,000 | 3,620,000 |
| Computer Finance | 4,400,000 | 4,400,000 |
| Computer Services | 1,234,000 | 1,234,000 |
| Computer Services | 1,322,000 | 1,322,000 |
| Computer Services | 1,262,000 | 1,262,000 |
| Computer Services | 1,145,000 | 1,145,000 |
| Computer Services | 424,710 | 424,710 |
| Computer Services | 1,000,000 | 1,000,000 |
| Computer Services | 644,467 | 644,467 |
| Computer Services | 1,000,000 | 1,000,000 |
| Computer Services | 4,000,000 | 4,000,000 |
| INDUSTRIALS & BUSINESS SERVICES | 1,847,799 | 19,505,000 |
|  |  | 1,847,799 |

22

T. ROWE PRICE DIVIDEND GROWTH FUND

| All Final Funds Covered | 835,367 | 110,800 |
| --- | --- | --- |
| Reimbursed Stock 0.3% | 1,000,000 | 100,000 |
| Reimbursed Stock 0.3% | 500,000 | 100,000 |
| Reimbursed Stock 0.3% | 1,000,000 | 100,000 |
| Reimbursed Stock 0.3% | 500,000 | 100,000 |
| Reimbursed Stock 0.3% | 1,000,000 | 100,000 |
| Reimbursed Stock 0.3% | 500,000 | 100,000 |
| Reimbursed Stock 0.3% | 1,000,000 | 100,000 |
| Reimbursed Stock 0.3% | 500,000 | 100,000 |
| Reimbursed Stock 0.3% | 1,000,000 | 100,000 |

| Reimbursed Stock 0.3% | 807,389 | 1,200,624 |
| --- | --- | --- |
| Total Reimbursed Stock 0.3% |  | 2,800,767 |
| Reimbursed Stock 0.3% | 596,424 | 2,900,000 |
| Reimbursed Stock 0.3% |  | 2,900,000 |
| Reimbursed Stock 0.3% |  |  |
| Reimbursed Stock 0.3% |  |  |
| Reimbursed Stock 0.3% |  |  |
| Reimbursed Stock 0.3% |  |  |
| Reimbursed Stock 0.3% |  |  |
| Reimbursed Stock 0.3% |  |  |
| Reimbursed Stock 0.3% |  |  |

| Reimbursed Stock 0.3% | 671,538 | 1,100,000 |
| --- | --- | --- |
| Reimbursed Stock 0.3% |  |  |
| Reimbursed Stock 0.3% | 971,183 | 1,100,000 |
| Total Preferred Stocks (Cost $48,056) |  | 1,100,000 |

23

T. ROWE PRICE DIVIDEND GROWTH FUND

| Amphenol, Class A | 1,628,908 | 139,253 |
| --- | --- | --- |
| Building Products 0.6% | 1,366,791 | 156,908 |
| SHORT-TERM INVESTMENTS 4.2% | 676,000 | 286,106 |
| Total Short Term Investments 4.2% |  | 333,667 |
| Mechanisms of Changes 4.2% |  | 115,625 |
| Commercial Services & Supplies 1.0% | 1,278,287 | 341,368 |
| Shares from the current market at 30% (3)(4) | 854,208,572 | 854,208 |
| Short Term Assets Investment Trusts 2.9% | 1,566,824 | 333,663 |
| Total Short Term Investments (Cost $854,209) | 1,947,858 | 854,209 |
| The fund may invest in certain securities that are considered affiliated companies. As defined above, the fund is not a share of the company's share in which the fund owns 5% or more of the outstanding trading | 1,947,858 | 854,209 |

24

T. ROWE PRICE DIVIDEND GROWTH FUND

December 31, 2022

| SECURITIES LENDING COLLATERAL |  |  |
| --- | --- | --- |
| 1. 0.2% | 1,197,391 | 1,197,391 |
| 2. 0.2% | 1,197,391 | 1,197,391 |
| 3. 0.2% | 1,197,391 | 1,197,391 |
| 4. 0.2% | 1,197,391 | 1,197,391 |
| 5. 0.2% | 1,197,391 | 1,197,391 |
| 6. 0.2% | 1,197,391 | 1,197,391 |
| 7. 0.2% | 1,197,391 | 1,197,391 |
| 8. 0.2% | 1,197,391 | 1,197,391 |
| 9. 0.2% | 1,197,391 | 1,197,391 |
| 10. 0.2% | 1,197,391 | 1,197,391 |
| 11. 0.2% | 1,197,391 | 1,197,391 |
| 12. 0.2% | 1,197,391 | 1,197,391 |
| 13. 0.2% | 1,197,391 | 1,197,391 |
| 14. 0.2% | 1,197,391 | 1,197,391 |
| 15. 0.2% | 1,197,391 | 1,197,391 |
| 16. 0.2% | 1,197,391 | 1,197,391 |
| 17. 0.2% | 1,197,391 | 1,197,391 |
| 18. 0.2% | 1,197,391 | 1,197,391 |
| 19. 0.2% | 1,197,391 | 1,197,391 |
| 20. 0.2% | 1,197,391 | 1,197,391 |
| 21. 0.2% | 1,197,391 | 1,197,391 |
| 22. 0.2% | 1,197,391 | 1,197,391 |
| 23. 0.2% | 1,197,391 | 1,197,391 |
| 24. 0.2% | 1,197,391 | 1,197,391 |
| 25. 0.2% | 1,197,391 | 1,197,391 |
| 26. 0.2% | 1,197,391 | 1,197,391 |
| 27. 0.2% | 1,197,391 | 1,197,391 |
| 28. 0.2% | 1,197,391 | 1,197,391 |
| 29. 0.2% | 1,197,391 | 1,197,391 |
| 30. 0.2% | 1,197,391 | 1,197,391 |
| 31. 0.2% | 1,197,391 | 1,197,391 |
| 32. 0.2% | 1,197,391 | 1,197,391 |
| 33. 0.2% | 1,197,391 | 1,197,391 |
| 34. 0.2% | 1,197,391 | 1,197,391 |
| 35. 0.2% | 1,197,391 | 1,197,391 |
| 36. 0.2% | 1,197,391 | 1,197,391 |
| 37. 0.2% | 1,197,391 | 1,197,391 |
| 38. 0.2% | 1,197,391 | 1,197,391 |
| 39. 0.2% | 1,197,391 | 1,197,391 |
| 40. 0.2% | 1,197,391 | 1,197,391 |
| 41. 0.2% | 1,197,391 | 1,197,391 |
| 42. 0.2% | 1,197,391 | 1,197,391 |
| 43. 0.2% | 1,197,391 | 1,197,391 |
| 44. 0.2% | 1,197,391 | 1,197,391 |
| 45. 0.2% | 1,197,391 | 1,197,391 |
| 46. 0.2% | 1,197,391 | 1,197,391 |
| 47. 0.2% | 1,197,391 | 1,197,391 |
| 48. 0.2% | 1,197,391 | 1,197,391 |
| 49. 0.2% | 1,197,391 | 1,197,391 |
| 50. 0.2% | 1,197,391 | 1,197,391 |
| 51. 0.2% | 1,197,391 | 1,197,391 |
| 52. 0.2% | 1,197,391 | 1,197,391 |
| 53. 0.2% | 1,197,391 | 1,197,391 |
| 54. 0.2% | 1,197,391 | 1,197,391 |
| 55. 0.2% | 1,197,391 | 1,197,391 |
| 56. 0.2% | 1,197,391 | 1,197,391 |
| 57. 0.2% | 1,197,391 | 1,197,391 |
| 58. 0.2% | 1,197,391 | 1,197,391 |
| 59. 0.2% | 1,197,391 | 1,197,391 |
| 60. 0.2% | 1,197,391 | 1,197,391 |
| 61. 0.2% | 1,197,391 | 1,197,391 |
| 62. 0.2% | 1,197,391 | 1,197,391 |
| 63. 0.2% | 1,197,391 | 1,197,391 |
| 64. 0.2% | 1,197,391 | 1,197,391 |
| 65. 0.2% | 1,197,391 | 1,197,391 |
| 66. 0.2% | 1,197,391 | 1,197,391 |
| 67. 0.2% | 1,197,391 | 1,197,391 |
| 68. 0.2% | 1,197,391 | 1,197,391 |
| 69. 0.2% | 1,197,391 | 1,197,391 |
| 70. 0.2% | 1,197,391 | 1,197,391 |
| 71. 0.2% | 1,197,391 | 1,197,391 |
| 72. 0.2% | 1,197,391 | 1,197,391 |
| 73. 0.2% | 1,197,391 | 1,197,391 |
| 74. 0.2% | 1,197,391 | 1,197,391 |
| 75. 0.2% | 1,197,391 | 1,197,391 |
| 76. 0.2% | 1,197,391 | 1,197,391 |
| 77. 0.2% | 1,197,391 | 1,197,391 |
| 78. 0.2% | 1,197,391 | 1,197,391 |
| 79. 0.2% | 1,197,391 | 1,197,391 |
| 80. 0.2% | 1,197,391 | 1,197,391 |
| 81. 0.2% | 1,197,391 | 1,197,391 |
| 82. 0.2% | 1,197,391 | 1,197,391 |
| 83. 0.2% | 1,197,391 | 1,197,391 |
| 84. 0.2% | 1,197,391 | 1,197,391 |
| 85. 0.2% | 1,197,391 | 1,197,391 |
| 86. 0.2% | 1,197,391 | 1,197,391 |
| 87. 0.2% | 1,197,391 | 1,197,391 |
| 88. 0.2% | 1,197,391 | 1,197,391 |
| 89. 0.2% | 1,197,391 | 1,197,391 |
| 90. 0.2% | 1,197,391 | 1,197,391 |
| 91. 0.2% | 1,197,391 | 1,197,391 |
| 92. 0.2% | 1,197,391 | 1,197,391 |
| 93. 0.2% | 1,197,391 | 1,197,391 |
| 94. 0.2% | 1,197,391 | 1,197,391 |
| 95. 0.2% | 1,197,391 | 1,197,391 |
| 96. 0.2% | 1,197,391 | 1,197,391 |
| 97. 0.2% | 1,197,391 | 1,197,391 |
| 98. 0.2% | 1,197,391 | 1,197,391 |
| 99. 0.2% | 1,197,391 | 1,197,391 |
| 100. 0.2% | 1,197,391 | 1,197,391 |

25

T. ROWE PRICE DIVIDEND GROWTH FUND

December 31, 2022

| PAYMENTS OF ASSETS AND LIABILITIES |  | $ | # | $ | - | $ | 12,486 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total Assets and Liabilities |  |  |  |  |  |  | 33,497 |
| Total Securities Lending Collateral (Cost $33,497) |  |  |  |  |  |  | 115,248 |
| Supplementary Investment Schedule |  |  |  |  |  |  | 33,497 |
| Total |  |  |  |  |  |  | 115,248 |
| Millions of dollars |  |  |  |  |  |  |  |
| Millions of dollars |  | Value | Purchase | Sales | Value |  |  |
| Total Assets |  | 12/31/21 | Cost | Cost | 20,547,993 |  |  |
| Total Assets |  |  |  |  | 2,196,899 | $ | 20,547,993 |
| Total Assets |  |  |  |  | 2,394,666 | $ | 20,547,993 |
| Total Assets |  |  |  |  | 0 | $ | 8,448,512 |
| Total Assets |  |  |  |  |  |  | 11,154 |
| Total Assets |  |  |  |  |  |  | 887,706 |
| Total Assets |  |  |  |  |  |  | 35,493 |
| Total Assets |  |  |  |  |  |  | 887,706 |
| Total Assets |  |  |  |  |  |  | 12,986,977 |
| Total Assets |  |  |  |  |  |  | 24,554 |
| Total Assets |  |  |  |  |  |  | $20,548,529 |
| Net ASSETS |  |  |  |  |  |  | 194 |
| Net Assets |  |  |  |  |  |  |  |
| Net Assets |  |  |  |  |  |  |  |
| Net Assets |  |  |  |  |  |  |  |

26

T. ROWE PRICE DIVIDEND GROWTH FUND

# STATEMENTS OF ASSETS AND LIABILITIES

($000s) except at the end of 2021, the estimated in U.S. dollars unless otherwise noted.
Capital gain (loss) from accompanying Price funds represented $0 of the net realized gain
(loss).
(1) Non-income producing
(2) See Note 3. All or a portion of this security is on loan at December 31, 2022.
Excludes earnings on securities lending collateral, which are subject to rebates and fees as
Payable to the 31st day yield
Year 13
described in Note 3.
Other liabilities and Companies
2022
Interest income is computed $12,486 of dividend income and $0 of interest income. Ended
in
F
12/31/2022
F
The Company's Shareholders' Equity Shares Outstanding
$64.10
Interest income (loss) in all related companies was $887,706.
Advisory Class
($352,408,499 / 5,503,812 shares outstanding)
$20,543,529
Dividend (net of foreign taxes of $2,362)
$64.03
I Class
Securities lending
($8,671,071,751 / 135,345,511 shares outstanding)
79
Dollar Income
$64.07
Z Class
Expenses
$353,485

The accompanying notes are an integral part of these financial statements.

27

T. ROWE PRICE DIVIDEND GROWTH FUND

# STATEMENT OF OPERATIONS

($000s)

($433,801,672 and 5,764,283 shares outstanding)

$98,454,14

Shareholder services

12/31/22

Realized and Unrealized Gain / Loss

$16,042

Advisory Class

563

Net realized gain (loss)

707

Securities

17,912

Rule 12b-1 fees

Foreign currency transactions

318

Advisory Class

861

Net realized gain

611,736

Prospectus and shareholder reports

28

T. ROWE PRICE DIVIDEND GROWTH FUND

# STATEMENT OF OPERATIONS

($000s)

| Investor Class | Year Ended 12/31/21 | Year Ended 12/31/21 |
| --- | --- | --- |
| Decrease (Decrease) in Net Assets |  |  |
| Decrease and accrued liabilities denominated in foreign currencies | 341 | (3,142,208) |
| Decrease in net unrealized gain / loss |  | 381 |
| Net investment income |  | (3,142,196) |
| Net realized gain / loss | $236,436 | $184,105 |
| Net realized gain | 611,736 | (2,530,000) |
| Lease and loss |  | 641,229 |
| Lease and loss unrealized gain / loss | (3,142,196) | 3,811,456 |
| DECREASE IN NET ASSETS FROM OPERATIONS | (2,294,024) | $(2,294,024) |

The accompanying notes are an integral part of these financial statements.

29

T. ROWE PRICE DIVIDEND GROWTH FUND

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Waived / paid by Price Associates | Year | (2,254 ) |
| --- | --- | --- |
| Distributions to shareholders | Ended | 117,049 |
| Net Assets Class | 12/31/22 | 12/31/21 |
| Increase/(decrease) during period | (408,632) | 236,438 |
| Beginning of period | (1,672,849) | (286,913) |
| End of period | 2,242,078 | 4,458,096 |
| Decrease in net assets from distributions | $20,543,529 | $11,462,593 |
|  | (772,330) | $22,423,878 |
|  |  | (449,108) |

*Share information (000s) (1)

30

T. ROWE PRICE DIVIDEND GROWTH FUND

# STATEMENT OF CHANGES IN NEW ASSETS

($000s)

Chares sold
Comprehensive of 1940 (the 1940 Act) as a diversified, open-end, management investment
shares sold
Comprehensive fund seeks dividend income and long-term growth
through investments in stocks. The fund has four classes of shares: the Dividend Growth
Fund-Advisor Class (1 Class) and the Dividend Growth Fund-Advisor Class (2 Class)
the Dividend Growth Fund-I Class (I Class) and the Dividend Growth Fund-Z3 Class
(2 Class) Advisor Class shares are sold only through various brokers and other
financial intermediaries. I Class shares require a $500,000 initial investment minimum,

The accompanying notes are an integral part of these financial statements.

31

T. ROWE PRICE DIVIDEND GROWTH FUND

# NOTE TO FINANCIAL STATEMENTS

T. Rowe Price Dividend Growth Fund (the fund) is registered under the Investment transactions are accounted for on the trade base basis. Income and expenses are

11,815 7,387

of the accrual basis. Realized gains and losses are reported on the identified
although the minimum generally is waived or reduced for financial intermediates

11,815 7,387

of the Company's related interest and penalties if incurred are recorded as income
eligible retirement plans, and certain other accounts. Prior to November 15, 2007, the

11,815 7,387

of the Company's dividends received from mutual fund investments are reflected as dividend
initial. Investment minimum was $1 million and was generally treated for financial

11,815 7,387

increase. Capital gain distributions are reflected as realized gain distributions. Dividends income

11,815 7,387

intermediate eligible retirement plans, and other certain accounts. As a result of the

and capital gain distributions are recorded on the ex-dividend basis. Distributions from

reductions in the I Class minimum, certain assets transferred to the Investment

11,815 7,387

increase in shares outstanding as dividend income and to the extent such repremium

to the I Class. This transfer of shares from Investor Class to I Class is reflected in the

increase in net assets from capital share transactions 1,186,505 271,455

Statement of Changes in Net Assets within the Capital shares transactions as Shares

32

T. ROWE PRICE DIVIDEND GROWTH FUND

# **Investment Transactions, Investment Income, and Distributions** Investment

return of capital or capital gain for tax purposes are reclassified when such information
Update (ASU) ASU 2022-03, Fair Value Measurement (Topic 820) - Fair Value
becomes available. Non-cash dividends, if any, are recorded at the fair market value of
the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value of the fair market value

exclusive voting rights on matters related solely to that class; separate voting rights

33

T. ROWE PRICE DIVIDEND GROWTH FUND

**New Accounting Guidance** In June 2022, the FASB issued Accounting Standards

impact on the fund's financial statements. **Currency translation** All items including investments, and liabilities denominated

**In connection with the investment** The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument.

**NOTE** The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument. The fund is a fund that is not only a financial instrument, but also a financial instrument.

**Basis of Preparation** The fund is an investment company and follows accounting and

34

T. ROWE PRICE DIVIDEND GROWTH FUND

Level 3 - unobservable inputs (including the Valuation Designee’s assumptions in exchange rate) are required to be evaluated in accordance with the terms of the current value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value

![img-0.jpeg](img-0.jpeg)

35

T. ROWE PRICE DIVIDEND GROWTH FUND

Investments in mutual funds are valued at the mutual fund's closing NAV per share on

investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary in the market, including the use of other pricing sources. Factors used in determining fair value vary in the market, including the use of other pricing sources. Factors used in determining fair value vary in the market, including the use of other pricing sources. Factors used in determining fair value vary in the market, including the use of other pricing sources. Factors used in determining fair value vary in the market, including the use of other pricing sources. Factors used in determining fair value vary in the market, including the use of other pricing sources. Factors used in determining fair value vary

36

T. ROWE PRICE DIVIDEND GROWTH FUND

# NOTE 3 - OTHER INVESTMENT TRANSACTIONS

Various investments in the firm are not limited to the full value of the financial instruments. The firm is a member of the firm's Group of Companies. The firm is a member of the firm's Group of Companies. The firm is a member of the firm's Group of Companies. The firm is a member of the firm's Group of Companies.

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

37

T. ROWE PRICE DIVIDEND GROWTH FUND

The fund files U.S. federal, state, and local tax returns as required. The fund's tax

the fund against losses resulting from borrower default. Although risk is mitigated by
the tax rate, the fund's tax rate is based on the tax rate of 1.5% or
value. The fund's tax rate is based on the tax rate of 1.5% or value. The fund's tax rate is based on the tax rate of 1.5% or value.
The fund's tax rate is based on the tax rate of 1.5% or value. The fund's tax rate is based on the tax rate of 1.5% or value.
The fund's tax rate is based on the tax rate of 1.5% or value. The fund's tax rate is based on the tax rate of 1.5% or value.
The fund's tax rate is based on the tax rate of 1.5% or value. The fund's tax rate is based on the tax rate of 1.5% or value.

38

T. ROWE PRICE DIVIDEND GROWTH FUND

At December 31, 2022, the tax-basis components of accumulated net earnings (loss)

An accumulation of the tax-basis components of accumulated net earnings (loss) is estimated at the beginning of the financial statements, but collateral received in the 2022 financial statements is not. At December 31, 2022, the value of loaned securities was $32,417,000. The value of cash collateral and related investments was $32,497,000. Short-term investments $54,209,000. The value of cash collateral and related investments was $34,497,000. Short-term investments $54,209,000.

The total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount of the total amount

39

T. ROWE PRICE DIVIDEND GROWTH FUND

daily net assets. The group fee rate is calculated based on the combined net assets of

As to net assets that are not to be created, the $50 billion in the first half of 2008 was included in the net investment income and expense rates presented on the net assets. The $50 billion in the first half of 2008 was included in the fund's Board. Any fees waived under this agreement are not subject to reimbursement to Price Associates. The $50 billion in the first half of 2008 was included in the net assets. The $50 billion in the first half of 2008 was included in the fund's Board. Any fees waived under this agreement are not subject to reimbursement to Price Associates. The $50 billion in the first half of 2008 was included in the net assets. The $50 billion in the first half of 2008 was included in the fund's Board. Any fees waived under this agreement are not subject to reimbursement to Price Associates. The $50 billion in the first half of 2008 was included in the net assets. The $50 billion in the first half of 2008 was included in the fund's Board. Any fees waived under this agreement are not subject to reimbursement to Price Associates. The $50 billion in the first half of 2008 was included in the net assets. The $50 billion in the first half of 2008 was included in the fund's Board. Any fees waived under this agreement are not subject to reimbursement to Price Associates. The $50 billion in the first half of 2008 was included in the net assets. The $50 billion in the first half of 2008 was included in the fund's Board. Any fees waived under this agreement are not subject to reimbursement to Price Associates. The $50 billion in the first half of 2008 was included in the net assets. The $50 billion in the first half of 2008 was included in the fund's Board. Any fees waived under this agreement are not subject to reimbursement to Price Associates. The $50 billion in the first half of 2008 was included in the net assets. The $50 billion in the first half of 2008 was included in the fund's Board. Any fees waived under this agreement are not subject to reimbursement to Price Associates. The $50 billion in the first half of 2008 was included in the net assets.

40

T. ROWE PRICE DIVIDEND GROWTH FUND

repayment of expenses previously waived/paid by Price Associates during the period

1. Class, excluding management fees interest expenses related to borrowings (page 816) in the Company's business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and the other business and

41

T. ROWE PRICE DIVIDEND GROWTH FUND

The fund may participate in securities purchase and sale transactions with other funds

Note: The fund has been issued to the Board of Directors and Shareholders of

T. Rowe Price Dividend Growth Fund, Inc.

NOTE: RELATED PARTY TRANSACTIONS

The Fund is intended for the use of the Fund's

The Fund is intended for the use of the Fund's

The Fund is intended for the use of the Fund's

The Fund is intended for the use of the Fund's

The Fund is intended for the use of the Fund's

The Fund is intended for the use of the Fund's

The Fund is intended for the use of the Fund's

The Fund is intended for the use of the Fund's

The Fund is intended for the use of the Fund's

42

T. ROWE PRICE DIVIDEND GROWTH FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
portfolio of investments, of T. Rowe Price Dividend Growth Fund, Inc. (the "Fund") as of
NOTE: This document is intended for the use of the Company and its affiliates. The Company and its affiliates, subsidiaries, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates, affiliates

43

T. ROWE PRICE DIVIDEND GROWTH FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The report, filed under the provisions of the Act of Congress, is for the purpose of the report. The report, filed under the provisions of the Act of Congress, is for the purpose of the report. The report, filed under the provisions of the Act of Congress, is for the purpose of the report. The report, filed under the provisions of the Act of Congress, is for the purpose of the report. The report, filed under the provisions of the Act of Congress, is for the purpose of the report. The report, filed under the provisions of the Act of Congress, is for the purpose of the report.

44

T. ROWE PRICE DIVIDEND GROWTH FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

RECORDS We may public accounting firm registered with the Public Company Accounting Taxable non-corporate shareholders, $313,283,000 of the fund's income represents the amount of the tax on the public's first and second parties. The tax on the public's first and second parties is the amount of the tax on the public's first and second parties. The tax on the public's first and second parties is the amount of the tax on the public's first and second parties. The tax on the public's first and second parties is the amount of the tax on the public's first and second parties.

45

T. ROWE PRICE DIVIDEND GROWTH FUND

# **INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND**

reasonable assurance about whether the financial statements are free of material
corporate website. To access it please visit the following Web page
misstatement, whether due to error or fraud.
Information on the Form of a Liquidity Risk under the Investment Company Act
of 1940, as amended, the fund has established a liquidity risk management program
(Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk,
which generally represents the risk that the fund would not be able to meet redemption
requests without significant dilution of remaining investors' interests in the fund. The
Each fund's most recent annual proxy voting record is available on our website and
through the SEC's website. To access it through T. Rowe Price, visit the website location
Price Associates, Inc. (Adviser), as the administrator of the Liquidity Program. As

46

T. ROWE PRICE DIVIDEND GROWTH FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says administrator, the Adviser is responsible for overseeing the day-to-day operations of the Brown Young Records. Also, on the Brown Young Records line in the shaded box, Liquidity Program is a program that includes the following: managing a report and auditing funds that are not only part of the industry's risk to each other's business.

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**
The following table provides the information that is available for the period of April 1, 2008, and the following table provides the information that is available for the period of April 1, 2008, and the following table provides the information that is available for the period of April 1, 2008, and the following table provides the information that is available for the period of April 1, 2008, and the following table provides the information that is available for the period of April 1, 2008, and the following table provides

47

T. ROWE PRICE DIVIDEND GROWTH FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

The following table provides the information in English:

48

T. ROWE PRICE DIVIDEND GROWTH FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The State of New Jersey, the United States of America, is a member of the investment's directors and officers. The company is a member of the investment's directors and officers.

**Name** (Year of Birth) significantly changing the investment's market value.

**INDEPENDENT DIRECTORS** (Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and **Name** (Year of Birth) **Other Investment Companies During the Past Five Years** (Year of Birth) **Interest** (1958) and the determination of each fund's highly Liquid Investment Minimum (HLIM). The

49

T. ROWE PRICE DIVIDEND GROWTH FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

50

T. ROWE PRICE DIVIDEND GROWTH FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000-1, cash and cash equivalents, as well as available borrowing arrangements.
Department: The South Hopkins University (2009 to present); Director, Office of the Price
Effective April 27, 2022, Mr. Doherty received from the role as an independent director of the Price
Lyndhurst Holdings (2015 to present); Director, Biogestio Pharma, Inc.
Funds.
The information about the interest of the project was current as of January 1, 2022, unless otherwise
Effective November 8, 2021. Mr. Doherty was appointed as an independent director of the Price Funds.
Principal, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of the project, which is the number of

INTERESTED DIRECTORS (2016 to 2020), Chief Executive Director, Price International, and T. Rowe Price
2020.
The Board (2016 to 2020) and President (2009 to 2016), First Industrial
Notes
Name
(Year of Birth) Realty Trust, owner and operator of industrial properties; Chair of the
Board (2005 to 2016) and Director (1999 to 2016); Starwood House & Invesco Ltd. (to 2021); Vice President, Oppenheimer

51

T. ROWE PRICE DIVIDEND GROWTH FUND

**OFFICERS (CONTINUED)**

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

# Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, principal accounting officer or controller, and the registrant's business functions. A copy of this code of ethics is filed as an exhibit to the Form N-CSR. The substantive amendments were approved or waivers were granted to this code of ethics. The registrant's business functions are listed in the Form N-CSR. The registrant's business functions are listed in the Form N-CSR. The registrant's business functions are listed in the Form N-CSR. The registrant's business functions are listed in the Form N-CSR. The registrant's business functions are listed in the Form N-CSR. The registrant's business functions are listed in the Form N-CSR. The registrant's business functions are listed in the Form N-CSR. The registrant's business functions are listed in

|  | 2022 | 2021 |
| --- | --- | --- |
| Audit Fees | $21,734 | $24,672 |
| Audit-Related Fees | - | - |
| Tax Fees | - | 1,540 |
| All Other Fees | - | - |

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in the principal accountant's independence.

| RETIREMENT | GENERAL INVESTING | POLICIES (SAVINGS) |
| --- | --- | --- |
| Vice President | Group, Inc. | Group, Inc. |
| Vice President, Finance | Group, Inc. | Group, Inc. |
| Vice President, Finance | Group, Inc. | Group, Inc. |
| Vice President, Finance | Group, Inc. | Group, Inc. |
| Vice President, Finance | Group, Inc. | Group, Inc. |
| Vice President, Finance | Group, Inc. | Group, Inc. |
| Vice President, Finance | Group, Inc. | Group, Inc. |
| Vice President, Finance | Group, Inc. |  |

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

# **Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits**
(i) The Company's name and address (if any) are listed on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form.

(b) A certificate of business name and address is available on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form.

(b) A certificate of business name and address is available on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form.

(b) A certificate of business name and address is available on the reverse side of this form. The Company's name and address is also listed on the reverse side of this form.

Vice President, T. Rowe Price and T. Rowe Price
Gifts and Transfers from T. Rowe Price and T. Rowe Price
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom

Vice President, T. Rowe Price and T. Rowe Price
Gifts and Transfers from T. Rowe Price and T. Rowe Price
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom
United States
United Kingdom

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Dividend Growth Fund, Inc.

By /s/ David Oestreicher
David Oestreicher

Unless otherwise noted, office or have been employees of T. Rowe Price or Price International for at least 5 years.

Date 1-800-555-1234. Request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

All mutual funds are subject to market risk including available risk information, investment information, and other information that may be used for the purposes of this report. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

The T. Rowe Price Portfolio is a discretionary investment management program provided by David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582131  
P58-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Dividend
Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Dividend
Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Dividend Growth Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

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communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer