T.
ROWE
PRICE
Dividend
Growth
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.0%
COMMUNICATION
SERVICES
1.1%
Entertainment
0.8%
Walt
Disney (1)
1,595,146
150,470
150,470
Media
0.3%
Comcast,
Class
A
1,727,149
50,657
50,657
Total
Communication
Services
201,127
CONSUMER
DISCRETIONARY
8.2%
Hotels,
Restaurants
&
Leisure
3.4%
Hilton
Worldwide
Holdings
1,617,260
195,074
Las
Vegas
Sands (1)
2,006,583
75,287
Marriott
International,
Class
A
318,485
44,632
McDonald's
872,738
201,376
Yum!
Brands
939,358
99,891
616,260
Multiline
Retail
1.7%
Dollar
General
1,317,967
316,128
316,128
Specialty
Retail
2.8%
Home
Depot
782,670
215,970
Ross
Stores
2,620,530
220,832
Tractor
Supply
371,495
69,054
505,856
Textiles,
Apparel
&
Luxury
Goods
0.3%
NIKE,
Class
B
724,389
60,211
60,211
Total
Consumer
Discretionary
1,498,455
CONSUMER
STAPLES
8.6%
Beverages
3.8%
Coca-Cola
4,407,370
246,901
Constellation
Brands,
Class
A
243,800
55,996
Diageo
(GBP)
2,000,013
84,188
Keurig
Dr
Pepper
1,830,200
65,558
PepsiCo
1,461,102
238,539
691,182
Food
&
Staples
Retailing
1.4%
Costco
Wholesale
215,698
101,868
T.
ROWE
PRICE
Dividend
Growth
Fund
1
T.
ROWE
PRICE
Dividend
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Walmart
1,178,400
152,838
254,706
Food
Products
2.0%
McCormick
644,467
45,931
Mondelez
International,
Class
A
4,335,074
237,692
Nestle
(CHF)
816,976
88,362
371,985
Household
Products
0.3%
Colgate-Palmolive
710,767
49,931
49,931
Tobacco
1.1%
Philip
Morris
International
2,446,487
203,083
203,083
Total
Consumer
Staples
1,570,887
ENERGY
2.3%
Oil,
Gas
&
Consumable
Fuels
2.3%
EOG
Resources
1,877,614
209,786
Exxon
Mobil
1,158,900
101,183
TotalEnergies
(EUR)
2,519,679
118,210
Total
Energy
429,179
FINANCIALS
13.9%
Banks
3.5%
Bank
of
America
6,077,263
183,533
JPMorgan
Chase
2,558,534
267,367
Wells
Fargo
4,815,940
193,697
644,597
Capital
Markets
4.1%
Charles
Schwab
3,492,210
250,985
CME
Group
590,103
104,525
Goldman
Sachs
Group
350,505
102,716
Morgan
Stanley
2,595,082
205,037
S&P
Global
291,418
88,984
752,247
Consumer
Finance
0.5%
American
Express
627,630
84,674
84,674
Insurance
5.8%
Aon,
Class
A
655,981
175,718
Chubb
1,847,799
336,078
Hartford
Financial
Services
Group
1,720,500
106,568
Marsh
&
McLennan
2,247,971
335,599
T.
ROWE
PRICE
Dividend
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Progressive
940,693
109,318
1,063,281
Total
Financials
2,544,799
HEALTH
CARE
18.6%
Biotechnology
1.5%
AbbVie
2,074,650
278,439
278,439
Health
Care
Equipment
&
Supplies
2.7%
Becton
Dickinson
&
Company
1,080,770
240,828
Medtronic
766,691
61,910
Stryker
941,086
190,608
493,346
Health
Care
Providers
&
Services
4.5%
Cigna
593,835
164,771
Elevance
Health
236,200
107,292
UnitedHealth
Group
1,098,689
554,882
826,945
Life
Sciences
Tools
&
Services
5.3%
Agilent
Technologies
1,586,936
192,892
Danaher
1,768,493
456,784
Thermo
Fisher
Scientific
648,202
328,762
978,438
Pharmaceuticals
4.6%
AstraZeneca,
ADR
3,820,629
209,523
Eli
Lilly
707,000
228,608
Johnson
&
Johnson
1,376,051
224,792
Zoetis
1,173,220
173,977
836,900
Total
Health
Care
3,414,068
INDUSTRIALS
&
BUSINESS
SERVICES
12.4%
Aerospace
&
Defense
1.5%
Howmet
Aerospace
2,391,127
73,958
Northrop
Grumman
422,980
198,936
272,894
Air
Freight
&
Logistics
0.8%
United
Parcel
Service,
Class
B
867,336
140,109
140,109
Building
Products
0.5%
Trane
Technologies
663,400
96,067
96,067
T.
ROWE
PRICE
Dividend
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Services
&
Supplies
1.3%
Waste
Connections
1,836,824
248,210
248,210
Electrical
Equipment
0.2%
Rockwell
Automation
153,300
32,976
32,976
Industrial
Conglomerates
3.7%
General
Electric
3,180,680
196,916
Honeywell
International
1,487,586
248,382
Roper
Technologies
654,416
235,354
680,652
Machinery
1.9%
Cummins
462,420
94,107
Illinois
Tool
Works
776,789
140,327
Otis
Worldwide
1,130,667
72,137
Stanley
Black
&
Decker
460,700
34,649
341,220
Professional
Services
0.4%
Equifax
401,110
68,762
68,762
Road
&
Rail
2.1%
JB
Hunt
Transport
Services
635,797
99,452
Old
Dominion
Freight
Line
398,400
99,110
Union
Pacific
1,000,797
194,975
393,537
Total
Industrials
&
Business
Services
2,274,427
INFORMATION
TECHNOLOGY
19.0%
Electronic
Equipment,
Instruments
&
Components
1.5%
Amphenol,
Class
A
1,828,908
122,464
TE
Connectivity
1,366,791
150,839
273,303
IT
Services
6.0%
Accenture,
Class
A
1,295,097
333,229
Automatic
Data
Processing
619,231
140,064
Broadridge
Financial
Solutions
1,241,466
179,168
Fidelity
National
Information
Services
1,738,725
131,395
Visa,
Class
A
1,828,998
324,922
1,108,778
Semiconductors
&
Semiconductor
Equipment
3.1%
Applied
Materials
957,973
78,487
KLA
304,600
92,181
T.
ROWE
PRICE
Dividend
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Microchip
Technology
1,540,284
94,003
QUALCOMM
564,225
63,746
Texas
Instruments
1,583,176
245,044
573,461
Software
4.8%
Microsoft
3,821,333
889,988
889,988
Technology
Hardware,
Storage
&
Peripherals
3.6%
Apple
4,734,171
654,262
654,262
Total
Information
Technology
3,499,792
MATERIALS
4.8%
Chemicals
3.3%
Air
Products
&
Chemicals
377,362
87,823
Linde
655,286
176,659
Nutrien
1,246,500
103,933
RPM
International
962,669
80,200
Sherwin-Williams
807,389
165,313
613,928
Containers
&
Packaging
1.5%
Avery
Dennison
971,183
158,011
Ball
2,281,262
110,231
268,242
Total
Materials
882,170
REAL
ESTATE
3.1%
Equity
Real
Estate
Investment
Trusts
3.1%
American
Tower,
REIT
976,952
209,752
Crown
Castle,
REIT
787,471
113,829
Equity
Residential,
REIT
3,537,608
237,798
Total
Real
Estate
561,379
UTILITIES
4.0%
Electric
Utilities
1.1%
NextEra
Energy
2,568,778
201,418
201,418
Gas
Utilities
0.6%
Atmos
Energy
1,028,356
104,738
104,738
Multi-Utilities
2.3%
Ameren
2,106,199
169,654
CMS
Energy
2,393,866
139,419
T.
ROWE
PRICE
Dividend
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
WEC
Energy
Group
1,249,300
111,725
420,798
Total
Utilities
726,954
Total
Common
Stocks
(Cost
$10,942,131)
17,603,237
PREFERRED
STOCKS
0.3%
CONSUMER
DISCRETIONARY
0.3%
Automobiles
0.3%
Dr
Ing
hc
F
Porsche
(EUR) (1)
596,424
48,224
Total
Consumer
Discretionary
48,224
Total
Preferred
Stocks
(Cost
$48,056)
48,224
SHORT-TERM
INVESTMENTS
4.1%
Money
Market
Funds
4.1%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (2)(3)
742,738,936
742,739
Total
Short-Term
Investments
(Cost
$742,739)
742,739
Total
Investments
in
Securities
100.4%
(Cost
$11,732,926)
$
18,394,200
Other
Assets
Less
Liabilities
(0.4)%
(65,428)
Net
Assets
100.0%
$
18,328,772
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Seven-day
yield
(3)
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,
2022.
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,
3.07%
$
—
$
—
$
5,408++
Totals
$
—#
$
—
$
5,408+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
$
776,677
¤
¤
$
742,739
Total
$
742,739^
#
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
$5,408
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
$742,739.
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 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
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 fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Dividend
Growth
Fund
9
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
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.
T.
ROWE
PRICE
Dividend
Growth
Fund
10
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
a
fund
invests.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
17,312,477
$
290,760
$
—
$
17,603,237
Preferred
Stocks
—
48,224
—
48,224
Short-Term
Investments
742,739
—
—
742,739
Total
$
18,055,216
$
338,984
$
—
$
18,394,200
T.
ROWE
PRICE
Dividend
Growth
Fund
11
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.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F58-054Q3
09/22