T.
ROWE
PRICE
Growth
Stock
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.3%
COMMUNICATION
SERVICES
11.1%
Entertainment
2.3%
Netflix (1)
1,371,613
473,865
Sea,
ADR (1)
2,475,109
214,221
Spotify
Technology (1)
2,791,918
373,056
1,061,142
Interactive
Media
&
Services
7.9%
Alphabet,
Class
A (1)
19,333,263
2,005,439
Alphabet,
Class
C (1)
5,634,253
585,962
Match
Group (1)
3,138,617
120,492
Meta
Platforms,
Class
A (1)
3,507,407
743,360
Pinterest,
Class
A (1)
9,248,831
252,216
3,707,469
Media
0.5%
Trade
Desk,
Class
A (1)
3,666,618
223,334
223,334
Wireless
Telecommunication
Services
0.4%
T-Mobile
U.S. (1)
1,415,300
204,992
204,992
Total
Communication
Services
5,196,937
CONSUMER
DISCRETIONARY
15.3%
Automobile
Components
0.1%
Mobileye
Global,
Class
A (1)
625,617
27,070
27,070
Automobiles
3.6%
Ferrari
2,459,607
666,406
Rivian
Automotive,
Class
A (1)(2)
28,728,327
444,715
Tesla (1)
2,743,301
569,125
1,680,246
Broadline
Retail
5.6%
Amazon.com (1)
23,227,636
2,399,183
Coupang (1)
14,045,220
224,723
2,623,906
Diversified
Consumer
Services
0.1%
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $44,697
(INR) (1)(3)(4)
28,035
69,079
69,079
Hotels,
Restaurants
&
Leisure
3.7%
Booking
Holdings (1)
159,498
423,054
T.
ROWE
PRICE
Growth
Stock
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chipotle
Mexican
Grill (1)
242,285
413,893
Expedia
Group (1)
1,918,933
186,194
Las
Vegas
Sands (1)
7,711,028
442,998
Wynn
Resorts (1)
2,341,701
262,060
1,728,199
Leisure
Products
0.2%
Peloton
Interactive,
Class
A (1)
8,677,916
98,408
98,408
Specialty
Retail
1.7%
Floor
&
Decor
Holdings,
Class
A (1)
1,960,522
192,563
Ross
Stores
5,915,775
627,841
820,404
Textiles,
Apparel
&
Luxury
Goods
0.3%
Lululemon
Athletica (1)
370,141
134,802
134,802
Total
Consumer
Discretionary
7,182,114
CONSUMER
STAPLES
1.8%
Beverages
0.5%
Constellation
Brands,
Class
A
1,080,212
244,009
244,009
Consumer
Staples
Distribution
&
Retail
0.0%
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $20,584 (1)(3)(4)
444,245
16,437
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $1,075 (1)(3)(4)
23,209
859
17,296
Household
Products
0.7%
Procter
&
Gamble
2,258,523
335,820
335,820
Personal
Care
Products
0.6%
Estee
Lauder,
Class
A
1,086,573
267,797
267,797
Total
Consumer
Staples
864,922
FINANCIALS
9.0%
Financial
Services
8.2%
Adyen
(EUR) (1)
53,588
85,389
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $176,501 (1)(3)(4)
46,308,995
94,007
Fiserv (1)
6,643,490
750,914
Global
Payments
1,095,461
115,286
Mastercard,
Class
A
3,372,291
1,225,524
T.
ROWE
PRICE
Growth
Stock
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
One97
Communications
(INR) (1)
3,862,780
29,804
Stripe,
Class
B,
Acquisition
Date:
12/17/19,
Cost $23,373 (1)(3)(4)
1,489,660
29,987
Visa,
Class
A
6,639,972
1,497,048
3,827,959
Insurance
0.8%
Chubb
1,816,779
352,782
352,782
Total
Financials
4,180,741
HEALTH
CARE
12.6%
Biotechnology
1.0%
Argenx,
ADR (1)
701,762
261,462
Vertex
Pharmaceuticals (1)
709,083
223,411
484,873
Health
Care
Equipment
&
Supplies
2.4%
Align
Technology (1)
388,647
129,862
Insulet (1)
273,513
87,240
Intuitive
Surgical (1)
2,404,846
614,366
Stryker
1,022,913
292,011
1,123,479
Health
Care
Providers
&
Services
6.2%
Cigna
Group
1,286,424
328,720
HCA
Healthcare
1,234,712
325,569
Humana
1,019,472
494,913
McKesson
633,432
225,533
UnitedHealth
Group
3,233,468
1,528,105
2,902,840
Life
Sciences
Tools
&
Services
0.7%
Avantor (1)
8,131,159
171,893
Danaher
540,763
136,294
308,187
Pharmaceuticals
2.3%
AstraZeneca,
ADR
1,661,228
115,306
Eli
Lilly
2,293,389
787,596
Zoetis
981,243
163,318
1,066,220
Total
Health
Care
5,885,599
INDUSTRIALS
&
BUSINESS
SERVICES
4.1%
Aerospace
&
Defense
0.9%
Airbus
(EUR)
3,299,036
440,644
440,644
T.
ROWE
PRICE
Growth
Stock
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Air
Freight
&
Logistics
0.5%
FedEx
1,034,675
236,413
236,413
Commercial
Services
&
Supplies
0.3%
Cintas
282,105
130,524
130,524
Ground
Transportation
0.5%
Old
Dominion
Freight
Line
721,910
246,056
246,056
Industrial
Conglomerates
1.3%
Roper
Technologies
1,329,475
585,886
585,886
Professional
Services
0.6%
TransUnion
4,666,681
289,987
289,987
Total
Industrials
&
Business
Services
1,929,510
INFORMATION
TECHNOLOGY
41.2%
Communications
Equipment
0.0%
Magic
Leap,
Class
A,
Acquisition
Date:
1/20/16
-
10/12/17,
Cost $106,867 (1)(3)(4)
219,911
4,223
4,223
Electronic
Equipment,
Instruments
&
Components
1.5%
Teledyne
Technologies (1)
1,584,700
708,931
708,931
IT
Services
0.9%
Accenture,
Class
A
766,999
219,216
MongoDB (1)
346,943
80,879
Shopify,
Class
A (1)
2,520,300
120,823
420,918
Semiconductors
&
Semiconductor
Equipment
9.3%
Advanced
Micro
Devices (1)
8,729,605
855,589
ASML
Holding
1,471,806
1,001,873
Lam
Research
557,950
295,780
Marvell
Technology
4,763,707
206,269
NVIDIA
7,238,828
2,010,729
4,370,240
Software
19.5%
Atlassian,
Class
A (1)
699,425
119,721
Canva,
Acquisition
Date:
12/17/21
-
12/22/21,
Cost $60,709 (1)
(3)(4)
35,624
19,657
Celonis,
Acquisition
Date:
6/17/21,
Cost $30,297 (1)(3)(4)
81,931
27,033
T.
ROWE
PRICE
Growth
Stock
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ceridian
HCM
Holding (1)
2,682,089
196,382
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $163,800 (1)(3)(4)
252,548
174,422
Intuit
2,566,909
1,144,405
Microsoft
21,382,646
6,164,617
Salesforce (1)
3,213,333
641,960
ServiceNow (1)
1,448,099
672,961
9,161,158
Technology
Hardware,
Storage
&
Peripherals
10.0%
Apple
28,437,090
4,689,276
4,689,276
Total
Information
Technology
19,354,746
MATERIALS
0.7%
Chemicals
0.7%
Linde
936,828
332,986
Total
Materials
332,986
Total
Miscellaneous
Common
Stocks
0.5% (5)
216,821
Total
Common
Stocks
(Cost
$23,418,142)
45,144,376
CONVERTIBLE
BONDS
0.0%
Redwood
Materials,
3/15/27,
Acquisition
Date:
6/17/22
-
7/19/22,
Cost $3,270 (1)(3)(4)
3,270,005
3,270
Total
Convertible
Bonds
(Cost
$3,270)
3,270
CONVERTIBLE
PREFERRED
STOCKS
2.3%
COMMUNICATION
SERVICES
0.8%
Interactive
Media
&
Services
0.8%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $107,809 (1)
(3)(4)
2,187,317
366,047
Total
Communication
Services
366,047
CONSUMER
DISCRETIONARY
0.2%
Diversified
Consumer
Services
0.2%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20
-
4/29/21,
Cost $125,207
(INR) (1)(3)(4)
38,994
96,082
Total
Consumer
Discretionary
96,082
CONSUMER
STAPLES
0.1%
Consumer
Staples
Distribution
&
Retail
0.1%
Maplebear
DBA
Instacart,
Series
A,
Acquisition
Date:
11/18/20,
Cost $3,902 (1)(3)(4)
63,959
2,367
T.
ROWE
PRICE
Growth
Stock
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Maplebear
DBA
Instacart,
Series
G,
Acquisition
Date:
7/2/20,
Cost $43,633 (1)(3)(4)
907,275
33,569
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $16,927 (1)(3)(4)
135,412
5,010
Total
Consumer
Staples
40,946
INFORMATION
TECHNOLOGY
1.0%
Software
1.0%
Canva,
Series
A,
Acquisition
Date:
12/17/21,
Cost $2,399 (1)(3)(4)
1,408
777
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $995 (1)(3)(4)
584
322
Canva,
Series
A-4,
Acquisition
Date:
12/17/21,
Cost $99 (1)(3)(4)
58
32
Celonis,
Series
D,
Acquisition
Date:
6/17/21
-
10/4/22,
Cost $90,023 (1)(3)(4)
243,443
80,324
Formagrid,
Series
F,
Acquisition
Date:
12/8/21,
Cost $77,826 (1)
(3)(4)
415,548
27,264
GM
Cruise
Holdings,
Class
F,
Acquisition
Date:
5/7/19,
Cost $84,045 (1)(3)(4)
4,605,200
93,624
GM
Cruise
Holdings,
Class
G,
Acquisition
Date:
1/21/21,
Cost $69,011 (1)(3)(4)
2,619,004
53,244
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $90,269 (1)(3)(4)
6,914,757
95,977
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $33,950 (1)(3)(4)
1,628,640
22,605
Rappi,
Series
E,
Acquisition
Date:
9/8/20
-
9/24/20,
Cost $79,903 (1)(3)(4)
1,337,376
48,159
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $55,003 (1)(3)
(4)
640,558
30,222
Total
Information
Technology
452,550
MATERIALS
0.2%
Chemicals
0.2%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $72,936 (1)(3)(4)
1,538,629
77,901
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $54,505 (1)(3)
(4)
1,320,595
41,163
Total
Materials
119,064
Total
Convertible
Preferred
Stocks
(Cost
$1,008,442)
1,074,689
PREFERRED
STOCKS
1.4%
CONSUMER
DISCRETIONARY
1.0%
Automobiles
1.0%
Dr.
Ing.
h.c.
F.
Porsche
(EUR) (1)
3,717,710
477,165
Total
Consumer
Discretionary
477,165
T.
ROWE
PRICE
Growth
Stock
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
0.4%
Life
Sciences
Tools
&
Services
0.4%
Sartorius
(EUR)
464,219
195,648
Total
Health
Care
195,648
Total
Preferred
Stocks
(Cost
$461,744)
672,813
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (6)(7)
13,240,950
13,241
Total
Short-Term
Investments
(Cost
$13,241)
13,241
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,
4.82% (6)(7)
3,143,815
3,144
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
3,144
Total
Securities
Lending
Collateral
(Cost
$3,144)
3,144
Total
Investments
in
Securities
100.0%
(Cost
$24,907,983)
$
46,911,533
Other
Assets
Less
Liabilities
0.0%
8,169
Net
Assets
100.0%
$
46,919,702
‡
Shares/Par
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,
2023.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,513,663
and
represents
3.2%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(6)
Seven-day
yield
(7)
Affiliated
Companies
T.
ROWE
PRICE
Growth
Stock
Fund
8
.
.
.
.
.
.
.
.
.
.
ADR
American
Depositary
Receipts
EUR
Euro
INR
Indian
Rupee
T.
ROWE
PRICE
Growth
Stock
Fund
9
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,
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,
4.82%
$
—
$
—
$
4,445++
Totals
$
—#
$
—
$
4,445+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
1,838,522
¤
¤
$
16,385
Total
$
16,385^
#
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
$4,445
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
$16,385.
T.
ROWE
PRICE
Growth
Stock
Fund
Unaudited
Notes
to
the
Portfolio
of
Investments
10
T.
Rowe
Price
Growth
Stock
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
Growth
Stock
Fund
11
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.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
Growth
Stock
Fund
12
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
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 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.
T.
ROWE
PRICE
Growth
Stock
Fund
13
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2023,
totaled $(62,972,000) for
the
period ended
March
31,
2023.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
44,152,835
$
555,837
$
435,704
$
45,144,376
Convertible
Bonds
—
—
3,270
3,270
Convertible
Preferred
Stocks
—
—
1,074,689
1,074,689
Preferred
Stocks
—
672,813
—
672,813
Short-Term
Investments
13,241
—
—
13,241
Securities
Lending
Collateral
3,144
—
—
3,144
Total
$
44,169,220
$
1,228,650
$
1,513,663
$
46,911,533
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Sales
Ending
Balance
3/31/23
Investment
in
Securities
Common
Stocks
$
440,970
$
3,399
$
(8,665)
$
435,704
Convertible
Bonds
3,270
—
—
3,270
Convertible
Preferred
Stocks
1,143,324
(68,635)
—
1,074,689
Total
$
1,587,564
$
(65,236)
$
(8,665)
$
1,513,663
T.
ROWE
PRICE
Growth
Stock
Fund
14
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$
435,704
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
3.4x
–
11.8x
4.4x
Increase
Sales
growth
rate
27%
–
54%
44%
Increase
Projected
enterprise
value
to
sales
multiple
9.7x
–
14.7x
12.2x
Increase
Enterprise
value
to
gross
profit
multiple
8.7x
–
15.0x
11.7x
Increase
Gross
profit
growth
rate
23%
–
49%
39%
Increase
Projected
enterprise
value
to
gross
profit
multiple
13.3x
–
18.9x
16.1x
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.3x
0.3x
Increase
Gross
merchandise
value
growth
rate
13%
13%
Increase
Enterprise
value
to
EBITDA
multiple
17.4x
–
27.9x
22.7x
Increase
T.
ROWE
PRICE
Growth
Stock
Fund
15
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
EBITDA
growth
rate
34%
34%
Increase
Price-to-
earnings
multiple
7.4x
–
17.5x
12.5x
Increase
Dividend
Yield
5.0%
5.0%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Bonds
$
3,270
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Convertible
Preferred
Stocks
$
1,074,689
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
2.3x
–
11.8x
4.7x
Increase
Sales
growth
rate
27%
–
100%
51%
Increase
Enterprise
value
to
gross
profit
multiple
6.1x
–
15.0x
7.2x
Increase
Gross
profit
growth
rate
23%
–
49%
47%
Increase
Projected
enterprise
value
to
sales
multiple
1.5x
-
15.3x
7.7x
Increase
Projected
enterprise
value
to
gross
profit
multiple
13.3x
-
18.9x
16.1x
Increase
T.
ROWE
PRICE
Growth
Stock
Fund
16
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Enterprise
value
to
EBITDA
multiple
17.4x
-
27.9x
22.7x
Increase
EBITDA
growth
rate
34%
34%
Increase
Projected
enterprise
value
to
EBITDA
multiple
4.3x
4.3x
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.3x
-
0.5x
0.4x
Increase
Gross
merchandise
value
growth
rate
13%
–
28%
21%
Increase
Discount
rate
for
cost
of
capital
25%
-
30%
26%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Discounted
cash
flow
Long-term
free
cash
flow
margin
27%
27%
Increase
Long-term
free
cash
flow
growth
rate
3%
3%
Increase
T.
ROWE
PRICE
Growth
Stock
Fund
17
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
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
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
rate
for
cost
of
capital
25%
25%
Decrease
T.
ROWE
PRICE
Growth
Stock
Fund
18
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.
F40-054Q1
03/23