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