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