T.
ROWE
PRICE
Dividend
Growth
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.9%
COMMUNICATION
SERVICES
0.4%
Entertainment
0.1%
Walt
Disney (1)
225,461
18,274
18,274
Wireless
Telecommunication
Services
0.3%
T-Mobile
U.S. (1)
432,200
60,530
60,530
Total
Communication
Services
78,804
CONSUMER
DISCRETIONARY
6.6%
Hotels,
Restaurants
&
Leisure
3.4%
Hilton
Worldwide
Holdings
1,598,303
240,033
Las
Vegas
Sands
1,551,699
71,130
Marriott
International,
Class
A
283,153
55,657
McDonald's
869,075
228,949
Yum!
Brands
990,861
123,798
719,567
Specialty
Retail
2.8%
Home
Depot
861,475
260,303
Ross
Stores
2,308,484
260,743
Tractor
Supply (2)
373,960
75,933
596,979
Textiles,
Apparel
&
Luxury
Goods
0.4%
NIKE,
Class
B
945,499
90,409
90,409
Total
Consumer
Discretionary
1,406,955
CONSUMER
STAPLES
9.9%
Beverages
3.3%
Coca-Cola
4,374,621
244,891
Constellation
Brands,
Class
A
421,155
105,849
Diageo
(GBP)
2,464,219
90,851
PepsiCo
1,492,379
252,869
694,460
Consumer
Staples
Distribution
&
Retail
2.3%
Costco
Wholesale
242,429
136,963
Dollar
General
476,703
50,435
Target
557,900
61,687
Walmart
1,471,988
235,415
484,500
T.
ROWE
PRICE
Dividend
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
1.9%
Mondelez
International,
Class
A
4,363,851
302,851
Nestle
(CHF)
844,278
95,569
398,420
Household
Products
0.6%
Colgate-Palmolive
1,764,286
125,458
125,458
Personal
Care
Products
0.5%
Kenvue
5,223,726
104,892
104,892
Tobacco
1.3%
Philip
Morris
International
2,895,840
268,097
268,097
Total
Consumer
Staples
2,075,827
ENERGY
4.8%
Energy
Equipment
&
Services
1.1%
Schlumberger
4,167,800
242,983
242,983
Oil,
Gas
&
Consumable
Fuels
3.7%
EOG
Resources
1,666,059
211,190
EQT
3,291,500
133,569
Exxon
Mobil
2,593,308
304,921
TotalEnergies
(EUR)
779,346
51,241
Williams
2,413,800
81,321
782,242
Total
Energy
1,025,225
FINANCIALS
15.3%
Banks
3.7%
Bank
of
America
7,411,597
202,930
JPMorgan
Chase
2,721,848
394,722
Wells
Fargo
4,425,506
180,826
778,478
Capital
Markets
2.9%
Charles
Schwab
3,335,746
183,132
Goldman
Sachs
Group
306,950
99,320
Morgan
Stanley
2,637,409
215,397
S&P
Global
293,352
107,194
605,043
T.
ROWE
PRICE
Dividend
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Consumer
Finance
0.7%
American
Express
1,024,974
152,916
152,916
Financial
Services
2.1%
Visa,
Class
A
1,935,339
445,147
445,147
Insurance
5.9%
Aon,
Class
A
646,947
209,753
Chubb
1,909,422
397,503
Hartford
Financial
Services
Group
1,663,770
117,978
Marsh
&
McLennan
2,015,285
383,509
Progressive
1,032,638
143,847
1,252,590
Total
Financials
3,234,174
HEALTH
CARE
17.6%
Biotechnology
1.2%
AbbVie
1,761,101
262,510
262,510
Health
Care
Equipment
&
Supplies
3.3%
Becton
Dickinson
&
Company
1,174,330
303,600
GE
HealthCare
Technologies
1,630,539
110,942
Medtronic
867,455
67,974
Stryker
798,132
218,105
700,621
Health
Care
Providers
&
Services
5.0%
Cigna
Group
399,235
114,209
Elevance
Health
369,033
160,685
McKesson
740,290
321,915
UnitedHealth
Group
929,289
468,538
1,065,347
Life
Sciences
Tools
&
Services
3.8%
Agilent
Technologies
1,564,936
174,991
Danaher
1,162,293
288,365
Thermo
Fisher
Scientific
657,729
332,923
796,279
Pharmaceuticals
4.3%
AstraZeneca,
ADR
3,781,344
256,073
Eli
Lilly
596,540
320,419
Johnson
&
Johnson
976,847
152,144
T.
ROWE
PRICE
Dividend
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zoetis
1,052,721
183,152
911,788
Total
Health
Care
3,736,545
INDUSTRIALS
&
BUSINESS
SERVICES
14.9%
Aerospace
&
Defense
1.8%
Howmet
Aerospace
3,315,171
153,327
Northrop
Grumman
502,468
221,181
374,508
Building
Products
0.6%
Trane
Technologies
625,324
126,884
126,884
Commercial
Services
&
Supplies
1.0%
Waste
Connections
1,632,172
219,201
219,201
Electrical
Equipment
0.5%
Schneider
Electric
(EUR)
660,025
108,767
108,767
Ground
Transportation
2.5%
JB
Hunt
Transport
Services (2)
640,018
120,656
Old
Dominion
Freight
Line
347,675
142,248
Union
Pacific
1,311,954
267,153
530,057
Industrial
Conglomerates
4.6%
General
Electric
3,232,732
357,378
Honeywell
International
1,554,550
287,188
Roper
Technologies
693,557
335,876
980,442
Machinery
1.9%
Cummins
376,199
85,946
Illinois
Tool
Works
469,790
108,197
Otis
Worldwide
1,315,773
105,670
Stanley
Black
&
Decker (2)
1,284,094
107,325
407,138
Professional
Services
2.0%
Automatic
Data
Processing
505,300
121,565
Broadridge
Financial
Solutions
1,324,766
237,199
Equifax (2)
401,510
73,549
432,313
Total
Industrials
&
Business
Services
3,179,310
T.
ROWE
PRICE
Dividend
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
18.2%
Electronic
Equipment,
Instruments
&
Components
1.7%
Amphenol,
Class
A
2,409,028
202,334
TE
Connectivity
1,340,764
165,625
367,959
IT
Services
1.9%
Accenture,
Class
A
1,278,790
392,729
392,729
Semiconductors
&
Semiconductor
Equipment
4.3%
Applied
Materials
1,546,891
214,167
KLA
495,164
227,112
Microchip
Technology
2,219,609
173,241
QUALCOMM
675,448
75,015
Texas
Instruments
1,392,988
221,499
911,034
Software
5.9%
Microsoft
3,975,005
1,255,108
1,255,108
Technology
Hardware,
Storage
&
Peripherals
4.4%
Apple
5,445,039
932,245
932,245
Total
Information
Technology
3,859,075
MATERIALS
4.1%
Chemicals
3.0%
Air
Products
&
Chemicals
364,366
103,261
Linde
718,121
267,392
Nutrien
1,066,856
65,889
RPM
International
573,446
54,369
Sherwin-Williams
566,589
144,509
635,420
Containers
&
Packaging
1.1%
Avery
Dennison
911,130
166,436
Ball (2)
1,322,051
65,812
232,248
Total
Materials
867,668
REAL
ESTATE
2.3%
Industrial
Real
Estate
Investment
Trusts
0.5%
Rexford
Industrial
Realty,
REIT
2,219,901
109,552
109,552
T.
ROWE
PRICE
Dividend
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Residential
Real
Estate
Investment
Trusts
1.0%
Equity
Residential,
REIT
3,731,690
219,087
219,087
Specialized
Real
Estate
Investment
Trusts
0.8%
American
Tower,
REIT
1,062,985
174,808
174,808
Total
Real
Estate
503,447
UTILITIES
2.8%
Electric
Utilities
0.4%
NextEra
Energy
1,492,378
85,498
85,498
Gas
Utilities
0.5%
Atmos
Energy
940,683
99,646
99,646
Multi-Utilities
1.9%
Ameren
2,259,015
169,042
CMS
Energy
2,631,741
139,772
WEC
Energy
Group
1,246,531
100,408
409,222
Total
Utilities
594,366
Total
Common
Stocks
(Cost
$12,040,090)
20,561,396
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr
Ing
hc
F
Porsche
(EUR)
358,267
33,615
Total
Consumer
Discretionary
33,615
Total
Preferred
Stocks
(Cost
$28,867)
33,615
SHORT-TERM
INVESTMENTS
2.7%
Money
Market
Funds
2.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (3)(4)
567,331,856
567,332
Total
Short-Term
Investments
(Cost
$567,332)
567,332
T.
ROWE
PRICE
Dividend
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (3)(4)
64,369,878
64,370
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
64,370
Total
Securities
Lending
Collateral
(Cost
$64,370)
64,370
Total
Investments
in
Securities
100.0%
(Cost
$12,700,659)
$
21,226,713
Other
Assets
Less
Liabilities
(0.0)%
(323)
Net
Assets
100.0%
$
21,226,390
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2023.
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Dividend
Growth
Fund
8
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
—
$
—
$
28,575++
Totals
$
—#
$
—
$
28,575+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
887,706
¤
¤
$
631,702
Total
$
631,702^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$28,575
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$631,702.
T.
ROWE
PRICE
Dividend
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
Dividend
Growth
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Dividend
Growth
Fund
10
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
T.
ROWE
PRICE
Dividend
Growth
Fund
11
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
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
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
20,214,968
$
346,428
$
—
$
20,561,396
Preferred
Stocks
—
33,615
—
33,615
Short-Term
Investments
567,332
—
—
567,332
Securities
Lending
Collateral
64,370
—
—
64,370
Total
$
20,846,670
$
380,043
$
—
$
21,226,713
T.
ROWE
PRICE
Dividend
Growth
Fund
12
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F58-054Q3
09/23