T.
ROWE
PRICE
Growth
Stock
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.7%
COMMUNICATION
SERVICES
15.6%
Entertainment
1.9%
Netflix (1)
1,422,682
537,205
Spotify
Technology (1)
2,061,401
318,775
855,980
Interactive
Media
&
Services
12.3%
Alphabet,
Class
A (1)
21,304,143
2,787,860
Alphabet,
Class
C (1)
5,119,277
674,977
Match
Group (1)
3,905,356
152,992
Meta
Platforms,
Class
A (1)
5,440,430
1,633,271
Pinterest,
Class
A (1)
9,583,707
259,048
5,508,148
Media
0.4%
Trade
Desk,
Class
A (1)
2,397,834
187,391
187,391
Wireless
Telecommunication
Services
1.0%
T-Mobile
U.S. (1)
3,061,518
428,766
428,766
Total
Communication
Services
6,980,285
CONSUMER
DISCRETIONARY
13.9%
Automobiles
3.4%
Ferrari (2)
947,242
279,948
Rivian
Automotive,
Class
A (1)(2)
25,738,844
624,939
Tesla (1)
2,515,152
629,341
1,534,228
Broadline
Retail
7.9%
Amazon.com (1)
26,023,910
3,308,159
Coupang,
Class
A (1)
14,180,810
241,074
3,549,233
Diversified
Consumer
Services
0.1%
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $44,697
(INR) (1)(3)(4)
28,035
27,297
27,297
Hotels,
Restaurants
&
Leisure
1.5%
Booking
Holdings (1)
55,105
169,941
Chipotle
Mexican
Grill (1)
173,440
317,713
Las
Vegas
Sands
4,344,446
199,149
686,803
T.
ROWE
PRICE
Growth
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Specialty
Retail
0.8%
Floor
&
Decor
Holdings,
Class
A (1)(2)
1,113,555
100,777
Ross
Stores
2,415,573
272,839
373,616
Textiles,
Apparel
&
Luxury
Goods
0.2%
Lululemon
Athletica (1)
273,233
105,361
105,361
Total
Consumer
Discretionary
6,276,538
CONSUMER
STAPLES
1.6%
Beverages
0.7%
Constellation
Brands,
Class
A
1,302,091
327,255
327,255
Consumer
Staples
Distribution
&
Retail
0.2%
Maplebear (1)(2)
595,910
17,693
Maplebear,
Acquisition
Date:
7/2/20
-
2/26/21,
Cost $86,121 (1)(4)
1,574,100
46,735
64,428
Household
Products
0.4%
Procter
&
Gamble
1,290,453
188,225
188,225
Personal
Care
Products
0.3%
Estee
Lauder,
Class
A
1,023,335
147,923
147,923
Total
Consumer
Staples
727,831
ENERGY
0.8%
Energy
Equipment
&
Services
0.8%
Schlumberger
6,125,801
357,134
Total
Energy
357,134
FINANCIALS
8.1%
Capital
Markets
0.4%
Charles
Schwab
2,884,887
158,380
158,380
Financial
Services
6.7%
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $63,838 (1)(3)(4)
63,838,454
62,511
Fiserv (1)
5,337,577
602,933
Mastercard,
Class
A
2,672,379
1,058,021
Stripe,
Class
B,
Acquisition
Date:
12/17/19,
Cost $23,373 (1)(3)(4)
1,489,660
32,638
Visa,
Class
A (2)
5,391,134
1,240,015
2,996,118
T.
ROWE
PRICE
Growth
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Insurance
1.0%
Chubb
2,083,315
433,705
433,705
Total
Financials
3,588,203
HEALTH
CARE
12.5%
Biotechnology
1.5%
Argenx,
ADR (1)
575,457
282,912
Legend
Biotech,
ADR (1)
1,699,841
114,178
Vertex
Pharmaceuticals (1)
814,128
283,105
680,195
Health
Care
Equipment
&
Supplies
1.4%
Intuitive
Surgical (1)
1,765,044
515,905
Stryker
440,142
120,277
636,182
Health
Care
Providers
&
Services
5.0%
Cigna
Group
1,502,344
429,775
Humana
926,564
450,792
McKesson
377,169
164,012
UnitedHealth
Group
2,373,226
1,196,557
2,241,136
Life
Sciences
Tools
&
Services
1.4%
Avantor (1)
7,115,907
150,003
Danaher
856,274
212,442
Thermo
Fisher
Scientific
531,247
268,901
631,346
Pharmaceuticals
3.2%
Eli
Lilly
2,323,985
1,248,282
Zoetis
999,662
173,921
1,422,203
Total
Health
Care
5,611,062
INDUSTRIALS
&
BUSINESS
SERVICES
3.0%
Aerospace
&
Defense
0.5%
Airbus
(EUR)
1,574,503
210,745
210,745
Commercial
Services
&
Supplies
0.3%
Cintas
246,883
118,753
118,753
Ground
Transportation
0.4%
Old
Dominion
Freight
Line
450,269
184,223
184,223
T.
ROWE
PRICE
Growth
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Industrial
Conglomerates
1.1%
Roper
Technologies
992,119
480,463
480,463
Professional
Services
0.7%
Ceridian
HCM
Holding (1)(2)
1,677,285
113,804
TransUnion
2,706,009
194,264
308,068
Total
Industrials
&
Business
Services
1,302,252
INFORMATION
TECHNOLOGY
39.5%
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
1.2%
Teledyne
Technologies (1)
1,268,355
518,225
518,225
IT
Services
1.4%
Accenture,
Class
A
1,075,264
330,224
MongoDB (1)
235,988
81,619
Shopify,
Class
A (1)
3,939,207
214,963
626,806
Semiconductors
&
Semiconductor
Equipment
8.5%
Advanced
Micro
Devices (1)
2,432,204
250,079
ASML
Holding
843,947
496,798
Lam
Research
406,913
255,041
Marvell
Technology
2,465,321
133,448
NVIDIA
6,165,270
2,681,831
3,817,197
Software
19.0%
Adobe (1)
735,418
374,990
Atlassian,
Class
A (1)
493,812
99,508
Aurora
Innovation (1)(2)
18,526,260
43,537
Canva,
Acquisition
Date:
12/17/21
-
12/22/21,
Cost $60,709 (1)
(3)(4)
35,624
37,999
Celonis,
Acquisition
Date:
6/17/21,
Cost $30,297 (1)(3)(4)
81,931
18,277
Dynatrace (1)
5,311,041
248,185
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $163,800 (1)(3)(4)
252,548
174,422
Intuit
1,547,518
790,689
Klaviyo,
Class
A (1)(2)
571,022
19,700
Microsoft
17,749,201
5,604,310
Salesforce (1)
2,299,647
466,323
T.
ROWE
PRICE
Growth
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
ServiceNow (1)
1,136,225
635,104
8,513,044
Technology
Hardware,
Storage
&
Peripherals
9.4%
Apple
24,393,565
4,176,422
4,176,422
Total
Information
Technology
17,655,917
MATERIALS
0.7%
Chemicals
0.7%
Linde
769,330
286,460
Total
Materials
286,460
Total
Miscellaneous
Common
Stocks
0.0% (5)
4,158
Total
Common
Stocks
(Cost
$19,347,386)
42,789,840
CONVERTIBLE
PREFERRED
STOCKS
2.7%
COMMUNICATION
SERVICES
1.2%
Interactive
Media
&
Services
1.2%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $107,809 (1)
(3)(4)
2,187,317
552,341
Total
Communication
Services
552,341
CONSUMER
DISCRETIONARY
0.1%
Diversified
Consumer
Services
0.1%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20
-
4/29/21,
Cost $125,207
(INR) (1)(3)(4)
38,994
37,968
Total
Consumer
Discretionary
37,968
INFORMATION
TECHNOLOGY
1.0%
Software
1.0%
Canva,
Series
A,
Acquisition
Date:
12/17/21,
Cost $2,399 (1)(3)(4)
1,408
1,502
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $995 (1)(3)(4)
584
623
Canva,
Series
A-4,
Acquisition
Date:
12/17/21,
Cost $99 (1)(3)(4)
58
62
Celonis,
Series
D,
Acquisition
Date:
6/17/21
-
10/4/22,
Cost $90,023 (1)(3)(4)
243,443
54,307
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $113,591 (1)
(3)(4)
1,545,458
113,591
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
83,446
GM
Cruise
Holdings,
Class
G,
Acquisition
Date:
1/21/21,
Cost $69,011 (1)(3)(4)
2,619,004
47,456
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $90,269 (1)(3)(4)(6)
6,914,757
42,871
T.
ROWE
PRICE
Growth
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $33,950 (1)(3)
(4)(6)
1,628,640
10,098
Rappi,
Series
E,
Acquisition
Date:
9/8/20
-
9/24/20,
Cost $79,903 (1)(3)(4)(6)
1,337,376
48,159
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $55,003 (1)(3)
(4)
640,558
28,960
Total
Information
Technology
458,339
MATERIALS
0.4%
Chemicals
0.4%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $72,936 (1)(3)(4)(6)
1,538,629
73,448
Redwood
Materials,
Series
C,
Acquisition
Date:
6/17/22
-
6/2/23,
Cost $50,290 (1)(3)(4)(6)
1,065,590
50,867
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $54,505 (1)(3)
(4)(6)
1,320,595
26,781
Total
Materials
151,096
Total
Convertible
Preferred
Stocks
(Cost
$1,107,861)
1,199,744
PREFERRED
STOCKS
0.8%
CONSUMER
DISCRETIONARY
0.3%
Automobiles
0.3%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
1,592,207
149,392
Total
Consumer
Discretionary
149,392
HEALTH
CARE
0.5%
Life
Sciences
Tools
&
Services
0.5%
Sartorius
(EUR)
677,669
229,522
Total
Health
Care
229,522
Total
Preferred
Stocks
(Cost
$375,021)
378,914
SHORT-TERM
INVESTMENTS
0.9%
Money
Market
Funds
0.9%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (6)(7)
404,747,502
404,748
Total
Short-Term
Investments
(Cost
$404,748)
404,748
T.
ROWE
PRICE
Growth
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (6)(7)
234,052,055
234,052
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
234,052
Total
Securities
Lending
Collateral
(Cost
$234,052)
234,052
Total
Investments
in
Securities
100.6%
(Cost
$21,469,068)
$
45,007,298
Other
Assets
Less
Liabilities
(0.6)%
(277,778)
Net
Assets
100.0%
$
44,729,520
‡
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,
2023.
(3)
Level
3
in
fair
value
hierarchy.
(4)
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
$1,603,846
and
represents
3.6%
of
net
assets.
(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)
Affiliated
Companies
(7)
Seven-day
yield
ADR
American
Depositary
Receipts
EUR
Euro
INR
Indian
Rupee
T.
ROWE
PRICE
Growth
Stock
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
nine
months
ended
September
30,
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
Nuro,
Series
C
$
—
$
(53,106)
$
—
Nuro,
Series
D
—
(12,507)
—
Rappi,
Series
E
—
—
—
Redwood
Materials,
Series
C
—
(46,565)
—
Redwood
Materials,
Series
C
—
577
—
Sila
Nano,
Series
F
—
(14,382)
—
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
7,573++
Totals
$
—#
$
(125,983)
$
7,573+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
Nuro,
Series
C
$
*
$
—
$
—
$
42,871
Nuro,
Series
D
*
—
—
10,098
Rappi,
Series
E
*
—
—
48,159
Redwood
Materials,
Series
C
*
—
—
73,448
Redwood
Materials,
Series
C
—
50,290
—
50,867
Sila
Nano,
Series
F
*
—
—
26,781
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
1,838,522
¤
¤
638,800
Total
$
891,024^
#
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
$7,573
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
$1,020,653.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Growth
Stock
Fund
Unaudited
Notes
to
the
Portfolio
of
Investments
9
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
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
Growth
Stock
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
September
30,
2023
(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
$
42,174,993
$
257,480
$
357,367
$
42,789,840
Convertible
Preferred
Stocks
—
—
1,199,744
1,199,744
Preferred
Stocks
—
378,914
—
378,914
Short-Term
Investments
404,748
—
—
404,748
Securities
Lending
Collateral
234,052
—
—
234,052
Total
$
42,813,793
$
636,394
$
1,557,111
$
45,007,298
T.
ROWE
PRICE
Growth
Stock
Fund
12
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
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
September
30,
2023,
totaled $(73,653,000) for
the
period ended
September
30,
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)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/23
Investment
in
Securities
Common
Stocks
$
440,970
$
(25,922)
$
63,838
$
(121,519)
$
357,367
Convertible
Bonds
3,270
—
—
(3,270)
—
Convertible
Preferred
Stocks
1,143,324
(43,000)
163,881
(64,461)
1,199,744
Total
$
1,587,564
$
(68,922)
$
227,719
$
(189,250)
$
1,557,111
T.
ROWE
PRICE
Growth
Stock
Fund
13
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
$
357,367
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Relative
value
—#
—#
—#
Enterprise
value
to
sales
multiple
6.0x
6.0x
Increase
Sales
growth
rate
23%
23%
Increase
Projected
enterprise
value
to
sales
multiple
11.7x
–
14.8x
13.3x
Increase
Enterprise
value
to
gross
profit
multiple
9.5x
9.5x
Increase
Gross
profit
growth
rate
19%
-
24%
21%
Increase
Projected
enterprise
value
to
gross
profit
multiple
12.2x
-
18.9x
14.9x
Increase
Discount
to
public
company
multiples
4%
-
7%
6%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
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**
Convertible
Preferred
Stocks
$
1,199,744
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
1.4x
–
6.5x
3.9x
Increase
Sales
growth
rate
18%
–
43%
25%
Increase
Enterprise
value
to
gross
profit
multiple
6.1x
–
9.5x
8.5x
Increase
Gross
profit
growth
rate
24%
–
41%
30%
Increase
Projected
enterprise
value
to
sales
multiple
2.2x
-
14.8x
3.5x
Increase
Projected
enterprise
value
to
gross
profit
multiple
14.9x
-
18.9x
16.9x
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.5x
0.5x
Increase
Gross
merchandise
value
growth
rate
28%
28%
Increase
Projected
enterprise
value
to
EBIT
multiple
12.7x
-
18.2x
15.5x
Increase
EBIT
growth
rate
22%
22%
Increase
T.
ROWE
PRICE
Growth
Stock
Fund
15
+
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.
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**
Premium
to
public
company
multiples
2%
-
13%
7%
Increase
Discount
to
public
company
multiples
29%
-
35%
32%
Decrease
Discount
rate
for
cost
of
capital
25%
25%
Decrease
Discount
for
uncertainty
70%
-
100%
83%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Growth
Stock
Fund
16
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
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.
F40-054Q3
09/23