T.
ROWE
PRICE
Growth
Stock
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.0%
COMMUNICATION
SERVICES
20.2%
Entertainment
4.5%
Netflix (1)
2,631,214
1,372,599
Playtika
Holding (1)
3,218,442
87,574
ROBLOX,
Class
A (1)
805,139
52,197
Sea,
ADR (1)
5,549,872
1,238,898
Spotify
Technology (1)
1,378,052
369,249
3,120,517
Interactive
Media
&
Services
15.7%
Alphabet,
Class
A (1)
1,142,832
2,357,114
Alphabet,
Class
C (1)
973,314
2,013,427
Facebook,
Class
A (1)
12,760,165
3,758,251
IAC/InterActiveCorp (1)
355,370
76,870
Kuaishou
Technology
(HKD) (1)
760,600
26,416
Match
Group (1)
3,328,875
457,321
One97
Communications,
Series
G,
Acquisition
Date:
12/3/19,
Cost $98,340 (1)(2)(3)
386,278
98,501
Pinterest,
Class
A (1)
3,620,921
268,057
Snap,
Class
A (1)
22,800,711
1,192,249
Tencent
Holdings
(HKD)
7,470,821
596,228
10,844,434
Total
Communication
Services
13,964,951
CONSUMER
DISCRETIONARY
21.1%
Auto
Components
0.3%
Aptiv
(1)
1,304,955
179,953
179,953
Automobiles
0.8%
Ferrari
2,613,760
547,008
547,008
Diversified
Consumer
Services
0.1%
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $44,697
(INR) (1)(2)(3)
28,035
49,542
49,542
Hotels,
Restaurants
&
Leisure
4.1%
Airbnb,
Class
B,
Acquisition
Date:
4/16/14
-
7/14/15,
Cost $111,280 (1)(3)
4,140,566
739,269
Booking
Holdings (1)
208,851
486,589
Chipotle
Mexican
Grill (1)
290,527
412,787
DraftKings
,
Class
A (1)
4,293,380
263,313
Las
Vegas
Sands
5,930,255
360,322
T.
ROWE
PRICE
Growth
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Wynn
Resorts (1)
4,735,556
593,697
2,855,977
Internet
&
Direct
Marketing
Retail
12.6%
Alibaba
Group
Holding,
ADR (1)
5,381,748
1,220,204
Amazon.com (1)
2,170,050
6,714,308
Coupang
(1)
3,074,118
151,708
DoorDash
,
Class
A (1)
907,275
118,971
DoorDash
,
Class
A,
Acquisition
Date:
11/12/19
-
6/17/20,
Cost $40,154 (1)(3)
996,975
124,197
Farfetch
,
Class
A (1)
6,070,067
321,835
JD
Health
International
(HKD) (1)
558,000
8,117
Maplebear
DBA
Instacart
,
Acquisition
Date:
8/7/20,
Cost $20,584 (1)(2)(3)
444,245
55,530
Maplebear
DBA
Instacart
,
Acquisition
Date:
8/7/20,
Cost $1,075 (1)(2)(3)
23,209
2,901
8,717,771
Specialty
Retail
1.7%
Carvana
(1)
959,287
251,717
Ross
Stores
7,695,065
922,715
1,174,432
Textiles,
Apparel
&
Luxury
Goods
1.5%
Lululemon
Athletica
(1)
1,531,090
469,601
NIKE,
Class
B
4,224,634
561,411
1,031,012
Total
Consumer
Discretionary
14,555,695
FINANCIALS
1.7%
Capital
Markets
1.3%
MSCI
324,609
136,102
S&P
Global
1,246,709
439,926
Tradeweb
Markets,
Class
A
1,785,373
132,118
XP,
Class
A (1)
4,498,801
169,470
877,616
Diversified
Financial
Services
0.3%
Social
Finance,
Acquisition
Date:
12/30/20,
Cost $135,025 (1)(3)
7,326,366
208,004
208,004
Insurance
0.1%
Chubb
446,948
70,604
70,604
Total
Financials
1,156,224
T.
ROWE
PRICE
Growth
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
HEALTH
CARE
10.6%
Biotechnology
1.3%
Argenx
,
ADR (1)
481,549
132,614
Incyte
(1)
2,563,231
208,314
Vertex
Pharmaceuticals (1)
2,517,546
540,995
881,923
Health
Care
Equipment
&
Supplies
2.6%
Align
Technology (1)
210,563
114,026
Intuitive
Surgical (1)
1,126,596
832,487
Stryker
3,348,298
815,578
1,762,091
Health
Care
Providers
&
Services
4.8%
Anthem
1,398,237
501,897
Cigna
3,431,581
829,550
HCA
Healthcare
2,869,069
540,361
Humana
626,020
262,459
UnitedHealth
Group
3,220,582
1,198,282
3,332,549
Life
Sciences
Tools
&
Services
0.3%
Avantor
(1)
6,960,665
201,372
201,372
Pharmaceuticals
1.6%
AstraZeneca,
ADR
7,187,000
357,337
Eli
Lilly
3,852,531
719,730
1,077,067
Total
Health
Care
7,255,002
INDUSTRIALS
&
BUSINESS
SERVICES
5.8%
Aerospace
&
Defense
1.2%
Airbus
(EUR) (1)
2,132,482
241,860
Teledyne
Technologies (1)
1,417,226
586,236
828,096
Air
Freight
&
Logistics
0.9%
FedEx
2,215,378
629,256
629,256
Airlines
0.3%
Southwest
Airlines
3,689,600
225,287
225,287
Commercial
Services
&
Supplies
0.6%
Cintas
1,300,440
443,853
443,853
T.
ROWE
PRICE
Growth
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Electrical
Equipment
0.3%
Generac
Holdings (1)
539,700
176,725
176,725
Industrial
Conglomerates
1.1%
Roper
Technologies
1,962,496
791,553
791,553
Machinery
0.5%
Cummins
1,158,891
300,280
Parker-Hannifin
128,818
40,633
340,913
Professional
Services
0.6%
Clarivate
(1)
3,662,798
96,661
Equifax
361,616
65,500
TransUnion
3,135,256
282,173
444,334
Road
&
Rail
0.3%
Norfolk
Southern
658,374
176,787
176,787
Total
Industrials
&
Business
Services
4,056,804
INFORMATION
TECHNOLOGY
35.2%
Electronic
Equipment,
Instruments
&
Components
0.2%
Zebra
Technologies,
Class
A (1)
347,207
168,458
168,458
IT
Services
11.8%
Affirm
Holdings (1)
280,829
19,860
Afterpay
(AUD) (1)
3,910,490
305,425
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $176,501 (1)(2)(3)
31,461,841
253,897
Black
Knight (1)
3,995,705
295,642
Fidelity
National
Information
Services
4,678,002
657,774
Fiserv (1)
6,747,522
803,225
Global
Payments
3,448,752
695,200
Mastercard
,
Class
A
5,027,424
1,790,015
PayPal
Holdings (1)
3,152,229
765,487
Shopify,
Class
A (1)
234,694
259,689
Snowflake,
Class
A (1)
185,691
42,575
StoneCo
,
Class
A (1)
2,705,035
165,602
Stripe,
Class
B,
Acquisition
Date:
12/17/19,
Cost $23,373 (1)(2)(3)
1,489,660
59,691
Visa,
Class
A
9,130,247
1,933,147
Wix.com (1)
283,614
79,191
8,126,420
T.
ROWE
PRICE
Growth
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Semiconductors
&
Semiconductor
Equipment
3.3%
Advanced
Micro
Devices (1)
6,438,144
505,394
ASML
Holding
1,454,967
898,238
NVIDIA
739,989
395,102
Taiwan
Semiconductor
Manufacturing,
ADR
4,325,359
511,604
2,310,338
Software
15.1%
Avalara (1)
1,546,986
206,414
Coupa
Software (1)
280,806
71,460
Datadog
,
Class
A (1)
1,918,458
159,884
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $174,729 (1)(2)(3)
265,093
234,607
Intuit
3,007,096
1,151,898
Microsoft
23,772,091
5,604,746
Paycom
Software (1)
417,813
154,616
salesforce.com (1)
4,579,349
970,227
ServiceNow
(1)
1,467,943
734,133
Splunk
(1)
4,068,828
551,245
Uipath
,
Class
A,
Acquisition
Date:
12/11/20,
Cost $17,486 (1)(2)(3)
601,043
37,430
Vimeo,
Class
A,
Acquisition
Date:
1/25/21,
Cost $37,002 (1)(2)(3)
1,141,683
38,061
Workday,
Class
A (1)
807,600
200,632
Zoom
Video
Communications,
Class
A (1)
1,038,500
333,660
10,449,013
Technology
Hardware,
Storage
&
Peripherals
4.8%
Apple
26,910,901
3,287,167
3,287,167
Total
Information
Technology
24,341,396
MATERIALS
0.4%
Chemicals
0.4%
Linde
872,319
244,371
Total
Materials
244,371
Total
Common
Stocks
(Cost
$26,911,588)
65,574,443
CONVERTIBLE
PREFERRED
STOCKS
4.7%
COMMUNICATION
SERVICES
0.5%
Interactive
Media
&
Services
0.5%
ByteDance
,
Series
E,
Acquisition
Date:
7/8/19,
Cost $107,809 (1)
(2)(3)
2,187,317
345,093
Total
Communication
Services
345,093
T.
ROWE
PRICE
Growth
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
CONSUMER
DISCRETIONARY
2.7%
Automobiles
2.3%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $171,132 (1)(2)(3)(4)
15,928,143
586,952
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $357,802 (1)(2)(3)(4)
23,098,880
851,194
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $160,857 (1)(2)(3)(4)
4,365,187
160,857
1,599,003
Diversified
Consumer
Services
0.1%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20,
Cost $56,180
(INR) (1)(2)(3)
17,460
56,677
56,677
Internet
&
Direct
Marketing
Retail
0.3%
Maplebear
DBA
Instacart
,
Series
A,
Acquisition
Date:
11/18/20,
Cost $3,902 (1)(2)(3)
63,959
7,995
Maplebear
DBA
Instacart
,
Series
G,
Acquisition
Date:
7/2/20,
Cost $43,633 (1)(2)(3)
907,275
113,409
Maplebear
DBA
Instacart
,
Series
I,
Acquisition
Date:
2/26/21,
Cost $16,927 (1)(2)(3)
135,412
16,927
Xiaoju
Kuaizhi
,
Series
A-17,
Acquisition
Date:
10/19/15,
Cost $49,217 (1)(2)(3)
1,794,537
79,103
217,434
Total
Consumer
Discretionary
1,873,114
INFORMATION
TECHNOLOGY
1.4%
Communications
Equipment
0.0%
Magic
Leap,
Series
C,
Acquisition
Date:
1/20/16,
Cost $56,026 (1)
(2)(3)
2,432,419
5,603
Magic
Leap,
Series
D,
Acquisition
Date:
10/12/17,
Cost $50,853 (1)(2)(3)
1,883,455
5,085
10,688
Software
1.4%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost $43,358 (1)(2)(3)
4,692,290
92,235
GM
Cruise
Holdings,
Class
F,
Acquisition
Date:
5/7/19,
Cost $84,045 (1)(2)(3)
4,605,200
121,347
GM
Cruise
Holdings,
Class
G,
Acquisition
Date:
1/21/21,
Cost $69,011 (1)(2)(3)
2,619,004
69,011
Nuro
,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $90,269 (1)(2)(3)
6,914,757
90,269
Rappi
,
Series
E,
Acquisition
Date:
9/8/20
-
9/24/20,
Cost $79,903 (1)(2)(3)
1,337,376
79,903
T.
ROWE
PRICE
Growth
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Uipath
,
Series
D-1,
Acquisition
Date:
4/26/19,
Cost $65,018 (1)(2)
(3)
4,956,711
308,683
Uipath
,
Series
D-2,
Acquisition
Date:
4/26/19,
Cost $10,918 (1)(2)
(3)
832,341
51,835
Uipath
,
Series
E,
Acquisition
Date:
7/9/20,
Cost $2,311 (1)(2)(3)
124,319
7,742
Uipath
,
Series
F,
Acquisition
Date:
2/2/21,
Cost $60,322 (1)(2)(3)
968,620
60,321
Waymo
,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $55,003 (1)(2)
(3)
640,558
55,003
936,349
Total
Information
Technology
947,037
MATERIALS
0.1%
Chemicals
0.1%
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $54,505 (1)(2)
(3)
1,320,595
54,505
Total
Materials
54,505
REAL
ESTATE
0.0%
Real
Estate
Management
&
Development
0.0%
WeWork
,
Series
E,
Acquisition
Date:
6/23/15,
Cost $38,843 (1)(3)
1,181,030
13,275
Total
Real
Estate
13,275
Total
Convertible
Preferred
Stocks
(Cost
$1,727,844)
3,233,024
SHORT-TERM
INVESTMENTS
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (4)(5)
166,292,120
166,292
Total
Short-Term
Investments
(Cost
$166,292)
166,292
Total
Investments
in
Securities
99.9%
(Cost
$28,805,724)
$
68,973,759
Other
Assets
Less
Liabilities
0.1%
63,974
Net
Assets
100.0%
$
69,037,733
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$5,134,654
and
represents
7.4%
of
net
assets.
T.
ROWE
PRICE
Growth
Stock
Fund
8
.
.
.
.
.
.
.
.
.
.
(4)
Affiliated
Companies
(5)
Seven-day
yield
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
EUR
Euro
HKD
Hong
Kong
Dollar
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,
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
Rivian
Automotive,
Series
D
$
—
$
334,013
$
—
Rivian
Automotive,
Series
E
—
484,384
—
Rivian
Automotive,
Series
F
—
—
—
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
—
—
20
Totals
$
—#
$
818,397
$
20+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
Rivian
Automotive,
Series
D
$
252,939
$
—
$
—
$
586,952
Rivian
Automotive,
Series
E
366,810
—
—
851,194
Rivian
Automotive,
Series
F
—
160,857
—
160,857
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
216,122
¤
¤
166,292
Total
$
1,765,295^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$20
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
$856,083.
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
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
Growth
Stock
Fund
11
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
Growth
Stock
Fund
12
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
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,
2021
(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
$
62,494,767
$
2,249,516
$
830,160
$
65,574,443
Convertible
Preferred
Stocks
—
13,275
3,219,749
3,233,024
Short-Term
Investments
166,292
—
—
166,292
Total
$
62,661,059
$
2,262,791
$
4,049,909
$
68,973,759
T.
ROWE
PRICE
Growth
Stock
Fund
13
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2021.
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,
2021,
totaled $1,349,300,000 for
the
period ended
March
31,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
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
Committee
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
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Out
of
Level
3
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
719,711
$
129,985
$
115,489
$
(135,025)
$
830,160
Convertible
Preferred
Stocks
1,608,246
1,219,315
392,188
—
3,219,749
Total
$
2,327,957
$
1,349,300
$
507,677
$
(135,025)
$
4,049,909
T.
ROWE
PRICE
Growth
Stock
Fund
14
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
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.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F40-054Q1
03/21
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
Stock
$
830,160
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Rate
of
Return
15%
15%
Increase
Convertible
Preferred
Stocks
$
3,219,749
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
Uncertainty
90%
90%
Decrease
Market
Comparable
Enterprise
Value
to
Sales
Multiple
5.2x
–
8.1x
6.6x
Increase
Sales
Growth
Rate
32%
-
38%
35%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease