T.
ROWE
PRICE
Dividend
Growth
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.2%
COMMUNICATION
SERVICES
2.9%
Entertainment
1.2%
Walt
Disney (1)
1,373,346
232,329
232,329
Media
1.7%
Comcast,
Class
A
6,054,908
338,651
338,651
Total
Communication
Services
570,980
CONSUMER
DISCRETIONARY
7.8%
Hotels,
Restaurants
&
Leisure
3.2%
Hilton
Worldwide
Holdings (1)
1,393,748
184,128
Las
Vegas
Sands (1)
1,633,400
59,783
Marriott
International,
Class
A (1)
597,139
88,430
McDonald's
843,488
203,373
Yum!
Brands
911,026
111,428
647,142
Multiline
Retail
1.3%
Dollar
General
1,175,260
249,320
249,320
Specialty
Retail
2.8%
Home
Depot
785,688
257,910
Ross
Stores
2,168,230
236,012
Tractor
Supply
368,436
74,649
568,571
Textiles,
Apparel
&
Luxury
Goods
0.5%
NIKE,
Class
B
656,598
95,358
95,358
Total
Consumer
Discretionary
1,560,391
CONSUMER
STAPLES
6.8%
Beverages
2.7%
Coca-Cola
4,141,396
217,299
Diageo
(GBP)
1,179,234
57,093
PepsiCo
1,710,528
257,280
531,672
Food
&
Staples
Retailing
0.7%
Costco
Wholesale
307,944
138,375
138,375
T.
ROWE
PRICE
Dividend
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
2.1%
McCormick
828,984
67,172
Mondelez
International,
Class
A
4,360,171
253,675
Nestle
(CHF)
889,871
107,221
428,068
Household
Products
0.8%
Colgate-Palmolive
819,867
61,966
Kimberly-Clark
767,700
101,674
163,640
Tobacco
0.5%
Philip
Morris
International
1,041,287
98,704
98,704
Total
Consumer
Staples
1,360,459
ENERGY
1.2%
Oil,
Gas
&
Consumable
Fuels
1.2%
EOG
Resources
1,618,306
129,902
TotalEnergies
(EUR)
2,377,451
113,637
Total
Energy
243,539
FINANCIALS
14.4%
Banks
4.7%
Bank
of
America
5,334,200
226,437
JPMorgan
Chase
2,529,592
414,069
PNC
Financial
Services
Group
161,400
31,576
Wells
Fargo
5,953,914
276,321
948,403
Capital
Markets
4.3%
Charles
Schwab
3,552,642
258,775
CME
Group
477,978
92,431
Goldman
Sachs
Group
256,300
96,889
Morgan
Stanley
2,878,112
280,069
S&P
Global
319,732
135,851
864,015
Consumer
Finance
0.5%
American
Express
583,682
97,784
97,784
Insurance
4.9%
Aon,
Class
A
662,128
189,216
Chubb
1,592,992
276,352
Marsh
&
McLennan
2,358,606
357,164
Progressive
831,364
75,147
T.
ROWE
PRICE
Dividend
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Willis
Towers
Watson
337,654
78,491
976,370
Total
Financials
2,886,572
HEALTH
CARE
16.5%
Biotechnology
1.2%
AbbVie
2,132,400
230,022
230,022
Health
Care
Equipment
&
Supplies
5.8%
Becton
Dickinson
&
Company
758,796
186,527
Danaher
1,777,546
541,156
Medtronic
1,589,220
199,209
Stryker
907,386
239,296
1,166,188
Health
Care
Providers
&
Services
2.8%
Cigna
705,084
141,130
UnitedHealth
Group
1,081,134
422,442
563,572
Life
Sciences
Tools
&
Services
3.0%
Agilent
Technologies
1,504,840
237,058
Thermo
Fisher
Scientific
617,820
352,979
590,037
Pharmaceuticals
3.7%
AstraZeneca,
ADR (2)
2,210,700
132,775
Eli
Lilly
792,800
183,176
Johnson
&
Johnson
1,263,446
204,046
Zoetis
1,161,098
225,416
745,413
Total
Health
Care
3,295,232
INDUSTRIALS
&
BUSINESS
SERVICES
12.5%
Aerospace
&
Defense
1.1%
Howmet
Aerospace
2,426,179
75,697
Northrop
Grumman
405,394
146,002
221,699
Air
Freight
&
Logistics
1.0%
United
Parcel
Service,
Class
B
1,143,220
208,180
208,180
Commercial
Services
&
Supplies
1.5%
Cintas
167,142
63,624
Waste
Connections
1,920,721
241,877
305,501
T.
ROWE
PRICE
Dividend
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Electrical
Equipment
0.3%
Rockwell
Automation
233,600
68,688
68,688
Industrial
Conglomerates
4.3%
General
Electric
2,978,845
306,910
Honeywell
International
1,254,188
266,239
Roper
Technologies
637,744
284,517
857,666
Machinery
2.0%
Caterpillar
153,800
29,525
Cummins
391,100
87,825
Deere
139,400
46,709
Fortive
1,404,768
99,135
Illinois
Tool
Works
657,620
135,884
399,078
Professional
Services
0.6%
Equifax
471,210
119,414
119,414
Road
&
Rail
1.7%
JB
Hunt
Transport
Services
639,702
106,971
Union
Pacific
1,140,019
223,455
330,426
Total
Industrials
&
Business
Services
2,510,652
INFORMATION
TECHNOLOGY
21.4%
Electronic
Equipment,
Instruments
&
Components
1.5%
Amphenol,
Class
A
1,970,232
144,280
TE
Connectivity
1,099,200
150,832
295,112
IT
Services
6.8%
Accenture,
Class
A
1,232,352
394,254
Automatic
Data
Processing
625,204
124,991
Broadridge
Financial
Solutions
1,061,100
176,821
Fidelity
National
Information
Services
1,693,647
206,083
Visa,
Class
A
2,033,198
452,895
1,355,044
Semiconductors
&
Semiconductor
Equipment
3.4%
Applied
Materials
1,403,400
180,660
Microchip
Technology
917,092
140,764
QUALCOMM
560,900
72,345
Texas
Instruments
1,514,172
291,039
684,808
T.
ROWE
PRICE
Dividend
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Software
6.1%
Microsoft
4,316,832
1,217,001
1,217,001
Technology
Hardware,
Storage
&
Peripherals
3.6%
Apple
5,082,940
719,236
719,236
Total
Information
Technology
4,271,201
MATERIALS
5.4%
Chemicals
2.7%
Air
Products
&
Chemicals
383,618
98,248
Ecolab
89,244
18,618
Linde
618,042
181,321
RPM
International
1,203,754
93,472
Sherwin-Williams
501,122
140,179
531,838
Containers
&
Packaging
2.7%
Avery
Dennison
902,550
187,017
Ball
2,663,670
239,651
Sealed
Air
2,113,000
115,771
542,439
Total
Materials
1,074,277
REAL
ESTATE
3.3%
Equity
Real
Estate
Investment
Trusts
3.3%
American
Tower,
REIT
960,752
254,993
Crown
Castle
International,
REIT
819,497
142,035
Equity
Residential,
REIT
3,336,736
270,009
Total
Real
Estate
667,037
UTILITIES
4.0%
Electric
Utilities
1.5%
Eversource
Energy
1,105,011
90,346
NextEra
Energy
2,651,049
208,160
298,506
Gas
Utilities
0.5%
Atmos
Energy
1,016,604
89,664
89,664
Multi-Utilities
1.6%
Ameren
1,497,290
121,280
CMS
Energy
1,721,300
102,813
Sempra
Energy
772,702
97,747
321,840
T.
ROWE
PRICE
Dividend
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Water
Utilities
0.4%
American
Water
Works
519,100
87,749
87,749
Total
Utilities
797,759
Total
Common
Stocks
(Cost
$9,855,077)
19,238,099
SHORT-TERM
INVESTMENTS
3.6%
Money
Market
Funds
3.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (3)(4)
726,265,123
726,265
Total
Short-Term
Investments
(Cost
$726,265)
726,265
SECURITIES
LENDING
COLLATERAL
0.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.0%
Short-Term
Funds
0.0%
T.
Rowe
Price
Short-Term
Fund,
0.07% (3)(4)
14,921
149
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
149
Total
Securities
Lending
Collateral
(Cost
$149)
149
Total
Investments
in
Securities
99.8%
(Cost
$10,581,491)
$
19,964,513
Other
Assets
Less
Liabilities
0.2%
31,363
Net
Assets
100.0%
$
19,995,876
‡
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,
2021.
(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
7
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,
2021.
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,
0.05%
$
—
$
—
$
193
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—
++
Totals
$
—
#
$
—
$
193
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
578,797
¤
¤
$
726,265
T.
Rowe
Price
Short-Term
Fund,
0.07%
59,013
¤
¤
149
Total
$
726,414
^
#
Capital
gain
distributions
from
mutual
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
$193
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
$726,414.
T.
ROWE
PRICE
Dividend
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Dividend
Growth
Fund
9
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 fund’s
own
assumptions
in
determining
fair
value)
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
fund
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
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Dividend
Growth
Fund
10
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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.
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
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
T.
ROWE
PRICE
Dividend
Growth
Fund
11
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F58-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
18,960,148
$
277,951
$
—
$
19,238,099
Short-Term
Investments
726,265
—
—
726,265
Securities
Lending
Collateral
149
—
—
149
Total
$
19,686,562
$
277,951
$
—
$
19,964,513