T.
ROWE
PRICE
Dividend
Growth
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.1%
COMMUNICATION
SERVICES
0.7%
Wireless
Telecommunication
Services
0.7%
T-Mobile
U.S.
1,048,200
171,087
Total
Communication
Services
171,087
CONSUMER
DISCRETIONARY
7.0%
Hotels,
Restaurants
&
Leisure
3.5%
Hilton
Worldwide
Holdings
1,524,603
325,213
Las
Vegas
Sands
1,806,745
93,409
Marriott
International,
Class
A
283,153
71,442
McDonald's
810,075
228,401
Yum!
Brands
990,861
137,383
855,848
Specialty
Retail
3.1%
Home
Depot
839,075
321,869
Ross
Stores
2,251,484
330,428
Tractor
Supply (1)
418,360
109,493
761,790
Textiles,
Apparel
&
Luxury
Goods
0.4%
NIKE,
Class
B
1,021,799
96,029
96,029
Total
Consumer
Discretionary
1,713,667
CONSUMER
STAPLES
8.7%
Beverages
2.4%
Coca-Cola
4,455,921
272,613
Constellation
Brands,
Class
A
438,555
119,182
PepsiCo
1,164,979
203,883
595,678
Consumer
Staples
Distribution
&
Retail
2.8%
Costco
Wholesale
180,029
131,894
Dollar
General
885,403
138,176
Target
863,500
153,021
Walmart
4,500,564
270,799
693,890
Food
Products
1.1%
Mondelez
International,
Class
A
3,809,637
266,675
266,675
Household
Products
1.1%
Colgate-Palmolive
3,018,386
271,806
271,806
T.
ROWE
PRICE
Dividend
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Personal
Care
Products
0.6%
Kenvue
7,116,726
152,725
152,725
Tobacco
0.7%
Philip
Morris
International
1,867,100
171,064
171,064
Total
Consumer
Staples
2,151,838
ENERGY
4.8%
Energy
Equipment
&
Services
1.1%
Schlumberger
4,981,600
273,041
273,041
Oil,
Gas
&
Consumable
Fuels
3.7%
ConocoPhillips
1,364,200
173,635
EOG
Resources
1,422,959
181,911
EQT (1)
4,025,400
149,222
Exxon
Mobil
2,909,808
338,236
Williams
2,102,500
81,935
924,939
Total
Energy
1,197,980
FINANCIALS
16.2%
Banks
4.0%
Bank
of
America
7,779,797
295,010
JPMorgan
Chase
2,575,148
515,802
Wells
Fargo
3,290,906
190,741
1,001,553
Capital
Markets
3.1%
Charles
Schwab
3,816,146
276,060
Goldman
Sachs
Group
306,950
128,210
Morgan
Stanley
2,505,509
235,919
S&P
Global
293,352
124,806
764,995
Consumer
Finance
1.1%
American
Express
1,215,574
276,774
276,774
Financial
Services
2.3%
Visa,
Class
A
2,005,839
559,790
559,790
Insurance
5.7%
Aon,
Class
A
259,947
86,749
Chubb
1,909,422
494,789
Hartford
Financial
Services
Group
1,774,170
182,828
T.
ROWE
PRICE
Dividend
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Marsh
&
McLennan
2,029,885
418,116
Progressive
1,109,538
229,475
1,411,957
Total
Financials
4,015,069
HEALTH
CARE
16.3%
Biotechnology
1.0%
AbbVie
1,309,201
238,405
238,405
Health
Care
Equipment
&
Supplies
2.9%
Becton
Dickinson
&
Company
1,027,292
254,203
GE
HealthCare
Technologies
1,575,739
143,250
Medtronic
501,855
43,737
Stryker
800,032
286,308
727,498
Health
Care
Providers
&
Services
4.7%
Cigna
Group
413,535
150,192
Elevance
Health
411,333
213,293
McKesson
741,290
397,961
UnitedHealth
Group
832,389
411,783
1,173,229
Life
Sciences
Tools
&
Services
3.5%
Agilent
Technologies
1,464,636
213,119
Danaher
1,049,393
262,055
Thermo
Fisher
Scientific
677,829
393,961
869,135
Pharmaceuticals
4.2%
AstraZeneca,
ADR
3,950,744
267,663
Eli
Lilly
589,840
458,872
Johnson
&
Johnson
767,047
121,339
Zoetis
1,127,521
190,788
1,038,662
Total
Health
Care
4,046,929
INDUSTRIALS
&
BUSINESS
SERVICES
16.1%
Aerospace
&
Defense
1.9%
Howmet
Aerospace
3,662,471
250,623
Northrop
Grumman
460,068
220,216
470,839
Building
Products
0.6%
Trane
Technologies
526,024
157,912
157,912
T.
ROWE
PRICE
Dividend
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Services
&
Supplies
1.1%
Waste
Connections
1,575,072
270,928
270,928
Electrical
Equipment
1.0%
Rockwell
Automation
301,700
87,894
Schneider
Electric
(EUR)
756,135
170,945
258,839
Ground
Transportation
2.6%
CSX
3,672,900
136,154
JB
Hunt
Transport
Services
504,518
100,525
Old
Dominion
Freight
Line
791,150
173,507
Union
Pacific
992,154
244,001
654,187
Industrial
Conglomerates
4.8%
General
Electric
3,021,432
530,352
Honeywell
International
1,493,550
306,551
Roper
Technologies
646,557
362,615
1,199,518
Machinery
2.1%
Cummins
357,899
105,455
Illinois
Tool
Works
368,890
98,984
Otis
Worldwide
1,156,073
114,763
Stanley
Black
&
Decker
1,234,594
120,904
Toro (1)
822,400
75,357
515,463
Professional
Services
2.0%
Automatic
Data
Processing
505,300
126,193
Broadridge
Financial
Solutions
1,347,466
276,042
Equifax
364,010
97,380
499,615
Total
Industrials
&
Business
Services
4,027,301
INFORMATION
TECHNOLOGY
19.3%
Electronic
Equipment,
Instruments
&
Components
2.1%
Amphenol,
Class
A
2,719,428
313,686
TE
Connectivity
1,437,864
208,835
522,521
IT
Services
1.8%
Accenture,
Class
A
1,291,590
447,678
447,678
Semiconductors
&
Semiconductor
Equipment
5.0%
Analog
Devices
842,100
166,559
T.
ROWE
PRICE
Dividend
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Applied
Materials
1,492,591
307,817
KLA
495,164
345,907
Microchip
Technology
2,010,409
180,354
QUALCOMM
718,148
121,582
Texas
Instruments
662,288
115,377
1,237,596
Software
6.8%
Microsoft
4,010,805
1,687,426
1,687,426
Technology
Hardware,
Storage
&
Peripherals
3.6%
Apple
5,196,839
891,154
891,154
Total
Information
Technology
4,786,375
MATERIALS
3.5%
Chemicals
2.4%
Linde
706,821
328,191
RPM
International
573,446
68,212
Sherwin-Williams
549,789
190,958
587,361
Containers
&
Packaging
1.1%
Avery
Dennison
911,130
203,410
Ball
974,051
65,612
269,022
Total
Materials
856,383
REAL
ESTATE
2.2%
Industrial
Real
Estate
Investment
Trusts
0.4%
Rexford
Industrial
Realty,
REIT
1,747,101
87,879
87,879
Residential
Real
Estate
Investment
Trusts
1.0%
Equity
Residential,
REIT
3,731,690
235,507
235,507
Specialized
Real
Estate
Investment
Trusts
0.8%
American
Tower,
REIT
1,010,985
199,760
199,760
Total
Real
Estate
523,146
UTILITIES
2.3%
Electric
Utilities
0.4%
NextEra
Energy
1,359,578
86,891
86,891
T.
ROWE
PRICE
Dividend
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Gas
Utilities
0.5%
Atmos
Energy
940,683
111,819
111,819
Multi-Utilities
1.4%
Ameren
2,362,715
174,746
CMS
Energy
2,380,741
143,654
WEC
Energy
Group
430,531
35,355
353,755
Total
Utilities
552,465
Total
Common
Stocks
(Cost
$11,988,830)
24,042,240
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
358,267
35,632
Total
Consumer
Discretionary
35,632
Total
Preferred
Stocks
(Cost
$28,867)
35,632
SHORT-TERM
INVESTMENTS
2.7%
Money
Market
Funds
2.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (2)(3)
659,586,140
659,586
Total
Short-Term
Investments
(Cost
$659,586)
659,586
SECURITIES
LENDING
COLLATERAL
0.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (2)(3)
11,712,217
11,712
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
11,712
Total
Securities
Lending
Collateral
(Cost
$11,712)
11,712
Total
Investments
in
Securities
99.9%
(Cost
$12,688,995)
$
24,749,170
Other
Assets
Less
Liabilities
0.1%
24,155
Net
Assets
100.0%
$
24,773,325
T.
ROWE
PRICE
Dividend
Growth
Fund
7
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(2)
Seven-day
yield
(3)
Affiliated
Companies
ADR
American
Depositary
Receipts
EUR
Euro
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
three
months
ended
March
31,
2024.
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,
5.39%
$
—
$
—
$
8,900++
Totals
$
—#
$
—
$
8,900+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
776,993
¤
¤
$
671,298
Total
$
671,298^
#
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
$8,900
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
$671,298.
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
March
31,
2024
(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
$
23,871,295
$
170,945
$
—
$
24,042,240
Preferred
Stocks
—
35,632
—
35,632
Short-Term
Investments
659,586
—
—
659,586
Securities
Lending
Collateral
11,712
—
—
11,712
Total
$
24,542,593
$
206,577
$
—
$
24,749,170
T.
ROWE
PRICE
Dividend
Growth
Fund
12
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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.
F58-054Q1
03/24