T.
ROWE
PRICE
Growth
Stock
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.0%
COMMUNICATION
SERVICES
23.5%
Entertainment
5.6%
Netflix (1)
2,467,314
1,505,900
ROBLOX,
Class
A (1)
2,667,739
201,548
Sea,
ADR (1)
5,335,972
1,700,734
Spotify
Technology (1)
3,038,852
684,775
4,092,957
Interactive
Media
&
Services
17.9%
Alphabet,
Class
A (1)
1,098,732
2,937,482
Alphabet,
Class
C (1)
1,105,358
2,946,122
Facebook,
Class
A (1)
11,936,710
4,051,200
IAC/InterActiveCorp (1)
343,970
44,816
Kuaishou
Technology
(HKD) (1)
740,800
7,906
Match
Group (1)
3,464,775
543,935
One97
Communications,
Series
G,
Acquisition
Date:
12/3/19,
Cost $98,340 (1)(2)(3)
386,278
114,269
Pinterest,
Class
A (1)
5,340,483
272,098
Snap,
Class
A (1)
22,034,711
1,627,704
Tencent
Holdings
(HKD)
7,490,959
447,201
Vimeo (1)
1,693,720
49,744
13,042,477
Total
Communication
Services
17,135,434
CONSUMER
DISCRETIONARY
18.1%
Auto
Components
0.1%
Aptiv (1)
518,955
77,309
77,309
Automobiles
0.7%
Ferrari
2,512,760
525,468
525,468
Diversified
Consumer
Services
0.1%
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $44,697
(INR) (1)(2)(3)
28,035
107,669
107,669
Hotels,
Restaurants
&
Leisure
2.9%
Airbnb,
Class
A (1)
2,197,802
368,681
Booking
Holdings (1)
200,651
476,319
Chipotle
Mexican
Grill (1)
279,127
507,319
DraftKings,
Class
A (1)
4,127,780
198,794
Las
Vegas
Sands (1)
5,701,855
208,688
T.
ROWE
PRICE
Growth
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Wynn
Resorts (1)
4,321,256
366,227
2,126,028
Internet
&
Direct
Marketing
Retail
11.3%
Alibaba
Group
Holding,
ADR (1)
1,987,761
294,288
Amazon.com (1)
2,095,678
6,884,386
Coupang (1)
6,924,991
192,861
DoorDash,
Class
A (1)
2,547,632
524,761
Farfetch,
Class
A (1)
7,815,450
292,923
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $20,584 (1)(2)(3)
444,245
55,531
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $1,075 (1)(2)(3)
23,209
2,901
8,247,651
Specialty
Retail
1.6%
Carvana (1)
922,287
278,107
Ross
Stores
8,128,306
884,766
1,162,873
Textiles,
Apparel
&
Luxury
Goods
1.4%
Lululemon
Athletica (1)
1,471,990
595,715
NIKE,
Class
B
2,979,434
432,703
1,028,418
Total
Consumer
Discretionary
13,275,416
FINANCIALS
1.8%
Capital
Markets
1.5%
MarketAxess
Holdings
285,128
119,950
MSCI
312,209
189,929
S&P
Global
1,110,609
471,887
Tradeweb
Markets,
Class
A
1,730,773
139,812
XP,
Class
A (1)
3,860,806
155,089
1,076,667
Consumer
Finance
0.3%
SoFi
Technologies (1)
13,213,818
209,835
209,835
Insurance
0.0%
Bright
Health
Group (1)
3,917,318
31,965
31,965
Total
Financials
1,318,467
HEALTH
CARE
8.1%
Biotechnology
0.4%
Argenx,
ADR (1)
465,849
140,686
T.
ROWE
PRICE
Growth
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Incyte (1)
1,955,213
134,480
275,166
Health
Care
Equipment
&
Supplies
2.9%
Align
Technology (1)
249,563
166,067
Intuitive
Surgical (1)
1,082,796
1,076,461
Stryker
3,219,198
848,967
2,091,495
Health
Care
Providers
&
Services
2.6%
Anthem
781,737
291,432
Cigna
1,380,581
276,337
HCA
Healthcare
2,758,269
669,487
Humana
511,320
198,980
UnitedHealth
Group
1,102,542
430,807
1,867,043
Life
Sciences
Tools
&
Services
0.5%
Avantor (1)
8,569,275
350,483
350,483
Pharmaceuticals
1.7%
AstraZeneca,
ADR
6,909,800
415,002
Eli
Lilly
3,695,731
853,899
1,268,901
Total
Health
Care
5,853,088
INDUSTRIALS
&
BUSINESS
SERVICES
4.7%
Aerospace
&
Defense
0.7%
Airbus
(EUR) (1)
3,922,979
520,093
520,093
Air
Freight
&
Logistics
0.7%
FedEx
2,352,378
515,853
515,853
Airlines
0.2%
Southwest
Airlines (1)
3,547,200
182,433
182,433
Commercial
Services
&
Supplies
0.7%
Cintas
1,250,440
475,992
475,992
Electrical
Equipment
0.6%
Generac
Holdings (1)
1,104,300
451,294
451,294
T.
ROWE
PRICE
Growth
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Industrial
Conglomerates
0.9%
Roper
Technologies
1,510,196
673,744
673,744
Professional
Services
0.6%
TransUnion
3,746,556
420,776
420,776
Road
&
Rail
0.3%
DiDi
Global,
Acquisition
Date:
10/19/15,
Cost $49,217 (1)(3)
1,794,537
53,122
Norfolk
Southern
633,074
151,463
204,585
Total
Industrials
&
Business
Services
3,444,770
INFORMATION
TECHNOLOGY
37.0%
Communications
Equipment
0.0%
Magic
Leap,
Acquisition
Date:
1/20/16
-
10/12/17,
Cost $106,877 (1)(2)(3)
219,931
2,617
2,617
Electronic
Equipment,
Instruments
&
Components
1.0%
Teledyne
Technologies (1)
1,373,826
590,168
Zebra
Technologies,
Class
A (1)
268,107
138,188
728,356
IT
Services
9.1%
Affirm
Holdings (1)
932,329
111,068
Afterpay
(AUD) (1)
6,388,275
554,982
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $176,501 (1)(2)(3)
31,461,841
169,579
Fiserv (1)
6,129,333
665,033
Global
Payments
3,180,352
501,160
Mastercard,
Class
A
3,186,805
1,107,988
MongoDB (1)
994,486
468,910
PayPal
Holdings (1)
2,616,529
680,847
Shopify,
Class
A (1)
250,194
339,208
Snowflake,
Class
A (1)
468,791
141,777
Square,
Class
A (1)
942,000
225,929
StoneCo,
Class
A (1)
2,621,735
91,027
Stripe,
Class
B,
Acquisition
Date:
12/17/19,
Cost $23,373 (1)(2)(3)
1,489,660
74,140
Toast,
Class
A (1)
303,892
15,180
Visa,
Class
A
6,731,487
1,499,439
6,646,267
Semiconductors
&
Semiconductor
Equipment
3.5%
Advanced
Micro
Devices (1)
5,332,644
548,729
ASML
Holding
1,398,767
1,042,235
NVIDIA
2,346,856
486,175
T.
ROWE
PRICE
Growth
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Taiwan
Semiconductor
Manufacturing,
ADR
4,158,659
464,314
2,541,453
Software
18.5%
Avalara (1)
1,487,386
259,951
Black
Knight (1)
4,348,864
313,118
Celonis,
Acquisition
Date:
6/17/21,
Cost $30,297 (1)(2)(3)
81,931
30,297
Coupa
Software (1)
272,206
59,662
Datadog,
Class
A (1)
2,591,458
366,303
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $174,729 (1)(2)(3)
265,093
254,916
Intuit
2,891,296
1,559,883
Microsoft
23,677,283
6,675,100
Paycom
Software (1)
387,132
191,921
salesforce.com (1)
3,683,749
999,106
SentinelOne,
Class
A (1)(4)
3,936,500
210,878
ServiceNow (1)
1,547,543
962,990
Splunk (1)
1,858,679
268,969
Trade
Desk,
Class
A (1)
3,326,700
233,867
UiPath,
Class
A (1)
7,483,034
393,682
Workday,
Class
A (1)
776,500
194,040
Zoom
Video
Communications,
Class
A (1)
2,022,800
528,962
13,503,645
Technology
Hardware,
Storage
&
Peripherals
4.9%
Apple
25,050,101
3,544,589
3,544,589
Total
Information
Technology
26,966,927
MATERIALS
0.1%
Chemicals
0.1%
Linde
205,219
60,207
Total
Materials
60,207
Total
Miscellaneous
Common
Stocks
0.7% (5)
540,256
Total
Common
Stocks
(Cost
$28,012,809)
68,594,565
CONVERTIBLE
PREFERRED
STOCKS
6.0%
COMMUNICATION
SERVICES
0.4%
Interactive
Media
&
Services
0.4%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $107,809 (1)
(2)(3)
2,187,317
274,639
Total
Communication
Services
274,639
T.
ROWE
PRICE
Growth
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
DISCRETIONARY
4.6%
Automobiles
4.2%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $171,132 (1)(2)(3)(4)
15,928,143
1,131,376
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $357,802 (1)(2)(3)(4)
23,098,880
1,640,714
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $160,857 (1)(2)(3)(4)
4,365,187
310,059
3,082,149
Diversified
Consumer
Services
0.2%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20
-
4/29/21,
Cost $125,208
(INR) (1)(2)(3)
38,994
149,757
149,757
Internet
&
Direct
Marketing
Retail
0.2%
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 $43,632 (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
138,331
Total
Consumer
Discretionary
3,370,237
INFORMATION
TECHNOLOGY
0.8%
Software
0.8%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost $43,358 (1)(3)
4,692,290
90,915
Celonis,
Series
D,
Acquisition
Date:
6/17/21,
Cost $79,065 (1)(2)
(3)
213,811
79,065
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
86,158
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $55,003 (1)(2)
(3)
640,558
58,754
Total
Information
Technology
595,519
MATERIALS
0.2%
Chemicals
0.2%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $72,936 (1)(2)(3)
1,538,629
72,936
T.
ROWE
PRICE
Growth
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $54,505 (1)(2)
(3)
1,320,595
54,505
Total
Materials
127,441
REAL
ESTATE
0.0%
Real
Estate
Management
&
Development
0.0%
WeWork,
Series
E,
Acquisition
Date:
6/23/15,
Cost $28,042 (1)(3)
852,621
6,346
Total
Real
Estate
6,346
Total
Convertible
Preferred
Stocks
(Cost
$1,643,406)
4,374,182
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (4)(6)
43,174,046
43,174
Total
Short-Term
Investments
(Cost
$43,174)
43,174
Total
Investments
in
Securities
100.1%
(Cost
$29,699,389)
$
73,011,921
Other
Assets
Less
Liabilities
(0.1)%
(38,491)
Net
Assets
100.0%
$
72,973,430
‡
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
$5,239,223
and
represents
7.2%
of
net
assets.
(4)
Affiliated
Companies
(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
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
EUR
Euro
HKD
Hong
Kong
Dollar
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,
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
$
—
$
878,437
$
—
Rivian
Automotive,
Series
E
—
1,273,904
—
Rivian
Automotive,
Series
F
—
149,202
—
SentinelOne,
Class
A
113
(32,452)
—
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
—
—
51
Totals
$
113#
$
2,269,091
$
51+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
Rivian
Automotive,
Series
D
$
252,939
$
—
$
—
$
1,131,376
Rivian
Automotive,
Series
E
366,810
—
—
1,640,714
Rivian
Automotive,
Series
F
—
160,857
—
310,059
SentinelOne,
Class
A
—
243,838
508
210,878
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
216,122
¤
¤
43,174
Total
$
3,336,201^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$51
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
$976,295.
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
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
10
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
11
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.
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.
T.
ROWE
PRICE
Growth
Stock
Fund
12
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2021
(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
September
30,
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
September
30,
2021,
totaled $2,495,166,000 for
the
period ended
September
30,
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)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
66,034,120
$
1,748,526
$
811,919
$
68,594,565
Convertible
Preferred
Stocks
—
97,261
4,276,921
4,374,182
Short-Term
Investments
43,174
—
—
43,174
Total
$
66,077,294
$
1,845,787
$
5,088,840
$
73,011,921
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
719,711
$
29,056
$
215,663
$
(152,511)
$
—
$
811,919
Convertible
Preferred
Stocks
1,608,246
2,442,358
552,896
(234,344)
(92,235)
4,276,921
Total
$
2,327,957
$
2,471,414
$
768,559
$
(386,855)
$
(92,235)
$
5,088,840
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
$
811,919
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
6.4x
–
30.2x
12.8x
Increase
Sales
growth
rate
25%
–
32%
27%
Increase
Enterprise
value
to
gross
profit
multiple
36.0x
–
48.2x
42.1x
Increase
Gross
profit
growth
rate
40%
40%
Increase
Enterprise
value
to
EBITDA
multiple
22.0x
–
25.4x
23.7x
Increase
EBITDA
growth
rate
32%
32%
Increase
Segment-
based
price-
to-earnings
multiple
9.5x
–
36.8x
19.6x
Increase
Whole
company
price-to-
earnings
multiple
18.1x
18.1x
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
4,276,921
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
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.
F40-054Q3
09/21
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**
Capital
conversion
reference
point
$55
Billion
$55
Billion
Increase
Market
comparable
Enterprise
value
to
sales
multiple
3.1x
–
4.3x
3.7x
Increase
Sales
growth
rate
32%
–
38%
35%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease