FedEx Corp

ROWE

PRICE

Growth

Stock

Fund

March

31,

2021

(Unaudited)

Portfolio

Investments

‡

Value

(Cost

and

value

$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

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

Automobiles

0.8%

Ferrari

2,613,760‌

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

Hotels,

Restaurants

Leisure

4.1%

Airbnb,

Class

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

ROWE

PRICE

Growth

Stock

Fund

Value

(Cost

and

value

$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

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

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

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

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

Insurance

0.1%

Chubb

446,948‌

70,604‌

Total

Financials

1,156,224‌

ROWE

PRICE

Growth

Stock

Fund

Value

(Cost

and

value

$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

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

Airlines

0.3%

Southwest

Airlines

3,689,600‌

225,287‌

Commercial

Services

Supplies

0.6%

Cintas

1,300,440‌

443,853‌

ROWE

PRICE

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

Electrical

Equipment

0.3%

Generac

Holdings (1)

539,700‌

176,725‌

Industrial

Conglomerates

1.1%

Roper

Technologies

1,962,496‌

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

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

Services

11.8%

Affirm

Holdings (1)

280,829‌

19,860‌

Afterpay

(AUD) (1)

3,910,490‌

305,425‌

ANT

International,

Class

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

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

Acquisition

Date:

12/17/19,

Cost $23,373 (1)(2)(3)

1,489,660‌

59,691‌

Visa,

Class

9,130,247‌

1,933,147‌

Wix.com (1)

283,614‌

79,191‌

8,126,420‌

ROWE

PRICE

Growth

Stock

Fund

Value

(Cost

and

value

$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

Acquisition

Date:

12/11/20,

Cost $17,486 (1)(2)(3)

601,043‌

37,430‌

Vimeo,

Class

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

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

Acquisition

Date:

7/8/19,

Cost $107,809 (1)

(2)(3)

2,187,317‌

345,093‌

Total

Communication

Services

345,093‌

ROWE

PRICE

Growth

Stock

Fund

Value

(Cost

and

value

$000s)

CONSUMER

DISCRETIONARY

2.7%

Automobiles

2.3%

Rivian

Automotive,

Series

Acquisition

Date:

12/23/19,

Cost $171,132 (1)(2)(3)(4)

15,928,143‌

586,952‌

Rivian

Automotive,

Series

Acquisition

Date:

7/10/20,

Cost $357,802 (1)(2)(3)(4)

23,098,880‌

851,194‌

Rivian

Automotive,

Series

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

Acquisition

Date:

12/23/20,

Cost $56,180

(INR) (1)(2)(3)

17,460‌

56,677‌

Internet

Direct

Marketing

Retail

0.3%

Maplebear

DBA

Instacart

Series

Acquisition

Date:

11/18/20,

Cost $3,902 (1)(2)(3)

63,959‌

7,995‌

Maplebear

DBA

Instacart

Series

Acquisition

Date:

7/2/20,

Cost $43,633 (1)(2)(3)

907,275‌

113,409‌

Maplebear

DBA

Instacart

Series

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

Acquisition

Date:

1/20/16,

Cost $56,026 (1)

(2)(3)

2,432,419‌

5,603‌

Magic

Leap,

Series

Acquisition

Date:

10/12/17,

Cost $50,853 (1)(2)(3)

1,883,455‌

5,085‌

10,688‌

Software

1.4%

Aurora

Innovation,

Series

Acquisition

Date:

3/1/19,

Cost $43,358 (1)(2)(3)

4,692,290‌

92,235‌

Cruise

Holdings,

Class

Acquisition

Date:

5/7/19,

Cost $84,045 (1)(2)(3)

4,605,200‌

121,347‌

Cruise

Holdings,

Class

Acquisition

Date:

1/21/21,

Cost $69,011 (1)(2)(3)

2,619,004‌

69,011‌

Nuro

Series

Acquisition

Date:

10/30/20

3/2/21,

Cost $90,269 (1)(2)(3)

6,914,757‌

90,269‌

Rappi

Series

Acquisition

Date:

9/8/20

9/24/20,

Cost $79,903 (1)(2)(3)

1,337,376‌

79,903‌

ROWE

PRICE

Growth

Stock

Fund

Value

(Cost

and

value

$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

Acquisition

Date:

7/9/20,

Cost $2,311 (1)(2)(3)

124,319‌

7,742‌

Uipath

Series

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

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

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%

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

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

‡

are

denominated

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Level

fair

value

hierarchy.

(3)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$5,134,654

and

represents

7.4%

net

assets.

ROWE

PRICE

Growth

Stock

Fund

(4)

Affiliated

Companies

(5)

Seven-day

yield

ADR

American

Depositary

Receipts

AUD

Australian

Dollar

EUR

Euro

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

ROWE

PRICE

Growth

Stock

Fund

The

accompanying

notes

are

integral

part

this

Portfolio

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

three

months

ended

March

31,

2021.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rivian

Automotive,

Series

—‌

334,013‌

—‌

Rivian

Automotive,

Series

—‌

484,384‌

—‌

Rivian

Automotive,

Series

—‌

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

252,939‌

—‌

586,952‌

Rivian

Automotive,

Series

366,810‌

—‌

851,194‌

Rivian

Automotive,

Series

—‌

160,857‌

—‌

160,857‌

Rowe

Price

Government

Reserve

Fund,

0.04%

216,122‌

166,292‌

Total

1,765,295‌^

Capital

gain

distributions

from

mutual

funds

represented

the

net

realized

gain

(loss).

Investment

income

comprised

$20

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$856,083.

ROWE

PRICE

Growth

Stock

Fund

Unaudited

Notes

the

Portfolio

Investments

Rowe

Price

Growth

Stock

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

1940

(the

1940

Act)

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

Investments

was

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP).

For

additional

information

the

fund’s

significant

accounting

policies

and

investment

disclosures,

please

refer

the

fund’s most

recent

semiannual

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

ET,

each

day

the

NYSE

open

for

business,

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

internal

committee

that

has

been

delegated

certain

responsibilities

the

fund’s

Board

Directors

(the

Board)

ensure

that

financial

instruments

are

appropriately

priced

fair

value

accordance

with

GAAP

and

the

1940

Act.

Subject

oversight

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

valuing

financial

instruments,

including

those

which

cannot

valued

accordance

with

normal

procedures

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

the

pricing

vendors;

oversees

the

pricing

process

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

ROWE

PRICE

Growth

Stock

Fund

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the

fund's

own

assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

closing

price

for

international

securities.

The

last

quoted

prices

non-U.S.

equity

securities

may

adjusted

reflect

the

fair

value

such

securities

the

NYSE,

the

fund

determines

that

developments

between

the

foreign

market

and

the

NYSE

will

affect

the

value

some

all

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

evaluate

and,

appropriate,

decide whether

necessary

adjust

quoted

prices

reflect

fair

value,

reviewing

variety

factors,

including

developments

foreign

markets,

the

performance

U.S.

securities

markets,

and

the

performance

instruments

trading

U.S.

markets

that

represent

foreign

securities

and

baskets

foreign

securities. The

fund

uses

outside

pricing

services

ROWE

PRICE

Growth

Stock

Fund

provide

with

quoted

prices

and

information

evaluate

adjust

those

prices.

The

fund

cannot

predict

how

often

will

use

quoted

prices

and

how

often

will

determine

necessary

adjust

those

prices

reflect

fair

value.

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Investments

for

which

market

quotations

market-based

valuations

are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Committee,

accordance

with

fair

valuation

policies

and

procedures.

The

objective

any

fair

value

pricing

determination

arrive

price

that

could

reasonably

expected

from

current

sale.

Financial

instruments

fair

valued

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis

and

updated

information

becomes

available,

including

actual

purchase

and

sale

transactions

the

investment.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions,

and

fair

value

prices

determined

the

Valuation

Committee

could

differ

from

those

other

market

participants.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

March

31,

2021

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

($000s)

Level

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

ROWE

PRICE

Growth

Stock

Fund

Following

reconciliation

the

fund’s

Level

holdings

for

the

period ended

March

31,

2021.

Gain

(loss)

reflects

both

realized

and

change

unrealized

gain/loss

Level

holdings

during

the

period,

any.

The

change

unrealized

gain/loss

Level

instruments

held

March

31,

2021,

totaled $1,349,300,000 for

the

period ended

March

31,

2021.

During

the

period,

transfers

out

Level

were

because

observable

market

data

became

available

for

the

security.

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

determine

the

fair

valuations

the

fund’s

Level

assets,

class

financial

instrument.

Because

the

Valuation

Committee

considers

wide

variety

factors

and

inputs,

both

observable

and

unobservable,

determining

fair

values,

the

unobservable

inputs

presented

not

reflect

all

inputs

significant

the

fair

value

determination.

($000s)

Beginning

Balance

1/1/21

Gain

(Loss)

During

Period

Total

Purchases

Transfer

Out

Level

Ending

Balance

3/31/21

Investment

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

ROWE

PRICE

Growth

Stock

Fund

quantitative

unobservable

inputs

significant

the

valuation

technique

were

created

the

fund’s

management.

Unobservable

inputs

were

weighted

the

relative

fair

value

the

instruments.

Represents

the

directional

change

the

fair

value

the

Level

investment(s)

that

would

have

resulted

from

increase

the

corresponding

input

period

end.

decrease

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

these

inputs

isolation

could

result

significantly

higher

lower

fair

value

measurements.

Valuation

techniques

may

change

order

reflect

management’s

judgment

current

market

participant

assumptions.

F40-054Q1

03/21

Investments

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

Range

Input(s)

Weighted

Average

Input(s)*

Impact

Valuation

from

Increase

Input**

Common

Stock

830,160‌

Recent

comparable

transaction

price(s)

—#

Rate

Return

15%

Increase

Convertible

Preferred

Stocks

3,219,749‌

Recent

comparable

transaction

price(s)

—#

Discount

for

Uncertainty

90%

Decrease

Market

Comparable

Enterprise

Value

Sales

Multiple

5.2x

–

8.1x

6.6x

Increase

Sales

Growth

Rate

32%

38%

35%

Increase

Discount

for

Lack

Marketability

10%

Decrease