T.
ROWE
PRICE
Dividend
Growth
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.0%
COMMUNICATION
SERVICES
1.7%
Entertainment
0.7%
Walt
Disney (1)
1,134,746
155,642
155,642
Media
1.0%
Comcast,
Class
A
4,644,339
217,448
217,448
Total
Communication
Services
373,090
CONSUMER
DISCRETIONARY
7.8%
Hotels,
Restaurants
&
Leisure
3.4%
Hilton
Worldwide
Holdings (1)
1,428,060
216,694
Las
Vegas
Sands (1)
2,242,983
87,185
Marriott
International,
Class
A (1)
485,885
85,394
McDonald's
887,638
219,495
Yum!
Brands
939,358
111,342
720,110
Multiline
Retail
1.4%
Dollar
General
1,317,967
293,419
293,419
Specialty
Retail
2.6%
Home
Depot
796,170
238,318
Ross
Stores
2,461,630
222,679
Tractor
Supply
392,995
91,713
552,710
Textiles,
Apparel
&
Luxury
Goods
0.4%
NIKE,
Class
B
652,889
87,853
87,853
Total
Consumer
Discretionary
1,654,092
CONSUMER
STAPLES
7.7%
Beverages
3.4%
Coca-Cola
4,407,370
273,257
Diageo
(GBP)
1,742,787
88,402
Keurig
Dr
Pepper
1,987,300
75,319
PepsiCo
1,704,502
285,299
722,277
Food
&
Staples
Retailing
1.1%
Costco
Wholesale
257,998
148,568
T.
ROWE
PRICE
Dividend
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Walmart
627,700
93,477
242,045
Food
Products
2.1%
McCormick
644,467
64,318
Mondelez
International,
Class
A
4,403,474
276,450
Nestle
(CHF)
900,158
117,037
457,805
Household
Products
0.6%
Colgate-Palmolive
710,767
53,897
Kimberly-Clark
693,615
85,426
139,323
Tobacco
0.5%
Philip
Morris
International
1,108,687
104,150
104,150
Total
Consumer
Staples
1,665,600
ENERGY
1.5%
Oil,
Gas
&
Consumable
Fuels
1.5%
EOG
Resources
1,740,814
207,557
TotalEnergies
(EUR) (2)
2,404,935
121,689
Total
Energy
329,246
FINANCIALS
13.9%
Banks
3.8%
Bank
of
America
5,303,563
218,613
JPMorgan
Chase
2,558,534
348,779
Wells
Fargo
5,221,940
253,055
820,447
Capital
Markets
4.1%
Charles
Schwab
3,434,710
289,580
CME
Group
590,103
140,362
Goldman
Sachs
Group
298,605
98,570
Morgan
Stanley
2,520,182
220,264
S&P
Global
324,118
132,947
881,723
Consumer
Finance
0.5%
American
Express
614,730
114,955
114,955
Insurance
5.5%
Aon,
Class
A
669,781
218,101
Chubb
1,847,899
395,265
Marsh
&
McLennan
2,347,371
400,039
T.
ROWE
PRICE
Dividend
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Progressive
772,593
88,068
Willis
Towers
Watson
331,957
78,415
1,179,888
Total
Financials
2,997,013
HEALTH
CARE
17.6%
Biotechnology
1.7%
AbbVie
2,228,050
361,189
361,189
Health
Care
Equipment
&
Supplies
3.2%
Becton
Dickinson
&
Company
979,570
260,566
Medtronic
1,547,091
171,650
Stryker
941,086
251,599
683,815
Health
Care
Providers
&
Services
3.4%
Cigna
683,435
163,758
UnitedHealth
Group
1,098,689
560,298
724,056
Life
Sciences
Tools
&
Services
5.1%
Agilent
Technologies
1,522,236
201,438
Danaher
1,768,493
518,752
Thermo
Fisher
Scientific
644,302
380,557
1,100,747
Pharmaceuticals
4.2%
AstraZeneca,
ADR
3,315,629
219,959
Eli
Lilly
741,100
212,229
Johnson
&
Johnson
1,376,051
243,878
Zoetis
1,161,220
218,994
895,060
Total
Health
Care
3,764,867
INDUSTRIALS
&
BUSINESS
SERVICES
12.6%
Aerospace
&
Defense
1.3%
Howmet
Aerospace
2,391,127
85,937
Northrop
Grumman
410,080
183,396
269,333
Air
Freight
&
Logistics
1.1%
United
Parcel
Service,
Class
B
1,137,836
244,020
244,020
Commercial
Services
&
Supplies
1.5%
Cintas
111,542
47,449
T.
ROWE
PRICE
Dividend
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Waste
Connections
1,912,824
267,221
314,670
Electrical
Equipment
0.2%
Rockwell
Automation
135,200
37,860
37,860
Industrial
Conglomerates
4.2%
General
Electric
3,214,580
294,134
Honeywell
International
1,476,886
287,373
Roper
Technologies
664,016
313,568
895,075
Machinery
1.8%
Cummins
434,920
89,207
Deere
119,011
49,444
Illinois
Tool
Works
779,089
163,141
Otis
Worldwide
1,132,767
87,166
388,958
Professional
Services
0.5%
Equifax
420,110
99,608
99,608
Road
&
Rail
2.0%
JB
Hunt
Transport
Services
647,097
129,931
Union
Pacific
1,058,897
289,301
419,232
Total
Industrials
&
Business
Services
2,668,756
INFORMATION
TECHNOLOGY
20.7%
Electronic
Equipment,
Instruments
&
Components
1.4%
Amphenol,
Class
A
1,772,108
133,528
TE
Connectivity
1,303,291
170,705
304,233
IT
Services
6.3%
Accenture,
Class
A
1,228,797
414,387
Automatic
Data
Processing
652,331
148,431
Broadridge
Financial
Solutions
1,115,766
173,736
Fidelity
National
Information
Services
2,007,725
201,616
Visa,
Class
A
1,828,998
405,617
1,343,787
Semiconductors
&
Semiconductor
Equipment
3.1%
Applied
Materials
995,473
131,204
Microchip
Technology
1,540,284
115,737
QUALCOMM
703,025
107,436
T.
ROWE
PRICE
Dividend
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Texas
Instruments
1,644,376
301,710
656,087
Software
5.9%
Microsoft
4,113,133
1,268,120
1,268,120
Technology
Hardware,
Storage
&
Peripherals
4.0%
Apple
4,971,971
868,156
868,156
Total
Information
Technology
4,440,383
MATERIALS
5.0%
Chemicals
2.6%
Air
Products
&
Chemicals
361,962
90,458
Linde
667,586
213,247
RPM
International (2)
1,057,969
86,161
Sherwin-Williams
646,389
161,352
551,218
Containers
&
Packaging
2.4%
Avery
Dennison
958,783
166,799
Ball
2,385,162
214,665
Sealed
Air
2,137,793
143,147
524,611
Total
Materials
1,075,829
REAL
ESTATE
3.2%
Equity
Real
Estate
Investment
Trusts
3.2%
American
Tower,
REIT
968,852
243,395
Crown
Castle
International,
REIT
731,971
135,122
Equity
Residential,
REIT
3,377,308
303,687
Total
Real
Estate
682,204
UTILITIES
4.3%
Electric
Utilities
1.0%
NextEra
Energy
2,655,478
224,946
224,946
Gas
Utilities
0.6%
Atmos
Energy
1,028,356
122,878
122,878
Multi-Utilities
2.3%
Ameren
2,106,199
197,477
CMS
Energy
2,569,866
179,736
WEC
Energy
Group
1,228,800
122,647
499,860
T.
ROWE
PRICE
Dividend
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Water
Utilities
0.4%
American
Water
Works
470,501
77,882
77,882
Total
Utilities
925,566
Total
Common
Stocks
(Cost
$10,390,808)
20,576,646
SHORT-TERM
INVESTMENTS
3.9%
Money
Market
Funds
3.9%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (3)(4)
826,418,901
826,419
Total
Short-Term
Investments
(Cost
$826,419)
826,419
SECURITIES
LENDING
COLLATERAL
0.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (3)(4)
27,901,703
27,902
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
27,902
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,
0.29% (3)(4)
1,476,397
1,476
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
1,476
Total
Securities
Lending
Collateral
(Cost
$29,378)
29,378
Total
Investments
in
Securities
100.0%
(Cost
$11,246,605)
$
21,432,443
Other
Assets
Less
Liabilities
(0.0)%
(
5,560
)
Net
Assets
100.0%
$
21,426,883
‡
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
March
31,
2022.
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Dividend
Growth
Fund
7
.
.
.
.
.
.
.
.
.
.
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
three
months
ended
March
31,
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,
0.29%
$
—
$
—
$
272
++
Totals
$
—
#
$
—
$
272
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
776,677
¤
¤
$
855,797
Total
$
855,797
^
#
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
$272
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
$855,797.
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
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
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)
T.
ROWE
PRICE
Dividend
Growth
Fund
10
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
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
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
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
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
$
20,249,518
$
327,128
$
—
$
20,576,646
Short-Term
Investments
826,419
—
—
826,419
Securities
Lending
Collateral
29,378
—
—
29,378
Total
$
21,105,315
$
327,128
$
—
$
21,432,443
T.
ROWE
PRICE
Dividend
Growth
Fund
12
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.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F58-054Q1
03/22