NPORT-EX 2 7004TROWE09302022.htm
T.
ROWE
PRICE
Growth
Stock
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.4%
COMMUNICATION
SERVICES
11.6%
Entertainment
1.9%
Netflix (1)
1,700,131‌
400,279‌
Sea,
ADR (1)
3,234,371‌
181,286‌
Spotify
Technology (1)
2,893,961‌
249,749‌
831,314‌
Interactive
Media
&
Services
9.1%
Alphabet,
Class
A (1)
19,569,279‌
1,871,802‌
Alphabet,
Class
C (1)
16,767,125‌
1,612,159‌
Match
Group (1)
3,831,528‌
182,955‌
Meta
Platforms,
Class
A (1)
2,743,618‌
372,254‌
4,039,170‌
Media
0.6%
Trade
Desk,
Class
A (1)
4,122,360‌
246,311‌
246,311‌
Total
Communication
Services
5,116,795‌
CONSUMER
DISCRETIONARY
26.1%
Automobiles
7.9%
Ferrari 
2,634,747‌
487,428‌
Rivian
Automotive,
Class
A (1)
46,318,513‌
1,524,342‌
Tesla (1)
5,644,410‌
1,497,180‌
3,508,950‌
Diversified
Consumer
Services
0.2%
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $44,697
(INR) (1)(2)(3)
28,035‌
85,071‌
85,071‌
Hotels,
Restaurants
&
Leisure
3.9%
Booking
Holdings (1)
187,692‌
308,417‌
Chipotle
Mexican
Grill (1)
390,928‌
587,471‌
Expedia
Group (1)
2,662,600‌
249,459‌
Las
Vegas
Sands (1)
8,649,158‌
324,516‌
Wynn
Resorts (1)
4,197,360‌
264,560‌
1,734,423‌
Internet
&
Direct
Marketing
Retail
11.7%
Amazon.com (1)
42,790,265‌
4,835,300‌
Coupang (1)
12,756,700‌
212,654‌
DoorDash,
Class
A (1)
1,758,099‌
86,938‌
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $20,584 (1)(2)(3)
444,245‌
21,537‌
T.
ROWE
PRICE
Growth
Stock
Fund
1
T.
ROWE
PRICE
Growth
Stock
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $1,075 (1)(2)(3)
23,209‌
1,125‌
5,157,554‌
Leisure
Products
0.1%
Peloton
Interactive,
Class
A (1)
9,746,352‌
67,542‌
67,542‌
Specialty
Retail
2.1%
Carvana (1)
2,659,186‌
53,982‌
Floor
&
Decor
Holdings,
Class
A (1)
2,032,172‌
142,780‌
Ross
Stores 
8,753,271‌
737,638‌
934,400‌
Textiles,
Apparel
&
Luxury
Goods
0.2%
Lululemon
Athletica (1)
348,522‌
97,433‌
97,433‌
Total
Consumer
Discretionary
11,585,373‌
HEALTH
CARE
12.4%
Biotechnology
0.9%
Argenx,
ADR (1)
727,462‌
256,830‌
Moderna (1)
1,118,291‌
132,238‌
389,068‌
Health
Care
Equipment
&
Supplies
2.6%
Align
Technology (1)
486,336‌
100,725‌
Insulet (1)
570,105‌
130,782‌
Intuitive
Surgical (1)
3,044,196‌
570,604‌
Stryker 
1,765,841‌
357,654‌
1,159,765‌
Health
Care
Providers
&
Services
6.1%
Cigna 
1,289,979‌
357,930‌
HCA
Healthcare 
1,009,182‌
185,478‌
Humana 
1,015,382‌
492,653‌
UnitedHealth
Group 
3,289,129‌
1,661,142‌
2,697,203‌
Life
Sciences
Tools
&
Services
0.7%
Avantor (1)
8,428,312‌
165,195‌
Danaher 
560,527‌
144,778‌
309,973‌
Pharmaceuticals
2.1%
AstraZeneca,
ADR 
2,026,339‌
111,125‌
Eli
Lilly 
2,506,937‌
810,618‌
921,743‌
Total
Health
Care
5,477,752‌
T.
ROWE
PRICE
Growth
Stock
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
4.2%
Aerospace
&
Defense
0.7%
Airbus
(EUR) 
3,419,599‌
294,771‌
294,771‌
Air
Freight
&
Logistics
0.5%
FedEx 
1,433,614‌
212,849‌
212,849‌
Commercial
Services
&
Supplies
0.3%
Cintas 
350,014‌
135,872‌
135,872‌
Electrical
Equipment
0.5%
Generac
Holdings (1)
1,328,456‌
236,651‌
236,651‌
Industrial
Conglomerates
0.8%
Roper
Technologies 
1,008,983‌
362,871‌
362,871‌
Professional
Services
0.9%
TransUnion 
3,977,527‌
236,623‌
Verisk
Analytics 
885,259‌
150,963‌
387,586‌
Road
&
Rail
0.5%
Old
Dominion
Freight
Line 
843,034‌
209,722‌
209,722‌
Total
Industrials
&
Business
Services
1,840,322‌
INFORMATION
TECHNOLOGY
42.1%
Communications
Equipment
0.0%
Magic
Leap,
Class
A,
Acquisition
Date:
1/20/16
-
10/12/17,
Cost $106,867 (1)(2)(3)
219,911‌
4,223‌
4,223‌
Electronic
Equipment,
Instruments
&
Components
1.0%
Teledyne
Technologies (1)
1,361,672‌
459,524‌
459,524‌
IT
Services
7.0%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $176,501 (1)(2)(3)
46,308,995‌
91,228‌
Block,
CDI
(AUD) (1)
2,299,913‌
120,725‌
Fiserv (1)
6,238,825‌
583,767‌
Global
Payments 
1,882,877‌
203,445‌
Mastercard,
Class
A 
3,153,499‌
896,666‌
MongoDB (1)
465,841‌
92,497‌
T.
ROWE
PRICE
Growth
Stock
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
One97
Communications,
Acquisition
Date:
12/3/19,
Cost $98,340
(INR) (1)(3)
3,862,780‌
28,802‌
Stripe,
Class
B,
Acquisition
Date:
12/17/19,
Cost $23,373 (1)(2)(3)
1,489,660‌
34,322‌
Visa,
Class
A 
5,777,585‌
1,026,388‌
3,077,840‌
Semiconductors
&
Semiconductor
Equipment
4.6%
Advanced
Micro
Devices (1)
7,359,796‌
466,317‌
ASML
Holding 
1,932,694‌
802,744‌
NVIDIA 
6,325,882‌
767,899‌
2,036,960‌
Software
20.3%
Atlassian,
Class
A (1)
1,705,384‌
359,137‌
Bill.com
Holdings (1)
513,031‌
67,910‌
Black
Knight (1)
5,514,215‌
356,935‌
Canva,
Acquisition
Date:
12/17/21
-
12/22/21,
Cost $60,709 (1)
(2)(3)
35,624‌
34,019‌
Celonis,
Acquisition
Date:
6/17/21,
Cost $30,297 (1)(2)(3)
81,931‌
30,297‌
Celonis,
EC,
Acquisition
Date:
8/12/21,
Cost $31 (1)(2)(3)
30,685‌
31‌
Ceridian
HCM
Holding (1)
2,780,108‌
155,352‌
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $174,729 (1)(2)(3)
265,093‌
220,022‌
HashiCorp,
Class
A (1)
571,272‌
18,389‌
Intuit 
2,659,876‌
1,030,223‌
Microsoft 
22,440,073‌
5,226,293‌
Salesforce (1)
4,891,776‌
703,633‌
SentinelOne,
Class
A (1)
7,048,628‌
180,163‌
ServiceNow (1)
1,634,055‌
617,036‌
8,999,440‌
Technology
Hardware,
Storage
&
Peripherals
9.2%
Apple 
29,467,019‌
4,072,342‌
4,072,342‌
Total
Information
Technology
18,650,329‌
Total
Common
Stocks
(Cost
$27,254,262)
42,670,571‌
CONVERTIBLE
BONDS
0.0%
Redwood
Materials,
9/24/23,
Acquisition
Date:
6/7/22,
Cost $3,270 (1)(2)(3)
3,270,005‌
3,270‌
Total
Convertible
Bonds
(Cost
$3,270)
3,270‌
T.
ROWE
PRICE
Growth
Stock
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
3.1%
COMMUNICATION
SERVICES
0.9%
Interactive
Media
&
Services
0.9%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $107,809 (1)
(2)(3)
2,187,317‌
387,020‌
Total
Communication
Services
387,020‌
CONSUMER
DISCRETIONARY
0.4%
Diversified
Consumer
Services
0.3%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20
-
4/29/21,
Cost $125,207
(INR) (1)(2)(3)
38,994‌
118,326‌
118,326‌
Internet
&
Direct
Marketing
Retail
0.1%
Maplebear
DBA
Instacart,
Series
A,
Acquisition
Date:
11/18/20,
Cost $3,902 (1)(2)(3)
63,959‌
3,101‌
Maplebear
DBA
Instacart,
Series
G,
Acquisition
Date:
7/2/20,
Cost $43,633 (1)(2)(3)
907,275‌
43,984‌
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $16,926 (1)(2)(3)
135,412‌
6,565‌
53,650‌
Total
Consumer
Discretionary
171,976‌
INFORMATION
TECHNOLOGY
1.4%
Software
1.4%
Canva,
Series
A,
Acquisition
Date:
12/17/21,
Cost $2,400 (1)(2)(3)
1,408‌
1,345‌
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $995 (1)(2)(3)
584‌
558‌
Canva,
Series
A-4,
Acquisition
Date:
12/17/21,
Cost $99 (1)(2)(3)
58‌
55‌
Celonis,
Series
D,
Acquisition
Date:
6/17/21,
Cost $79,065 (1)(2)
(3)
213,811‌
79,065‌
Formagrid,
Series
F,
Acquisition
Date:
12/8/21,
Cost $77,826 (1)
(2)(3)
415,548‌
43,720‌
GM
Cruise
Holdings,
Class
F,
Acquisition
Date:
5/7/19,
Cost $84,045 (1)(2)(3)
4,605,200‌
133,551‌
GM
Cruise
Holdings,
Class
G,
Acquisition
Date:
1/21/21,
Cost $69,011 (1)(2)(3)
2,619,004‌
75,951‌
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $90,269 (1)(2)(3)
6,914,757‌
144,143‌
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $33,950 (1)(2)(3)
1,628,640‌
33,950‌
Rappi,
Series
E,
Acquisition
Date:
9/8/20
-
9/24/20,
Cost $79,903 (1)(2)(3)
1,337,376‌
68,915‌
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $55,003 (1)(2)
(3)
640,558‌
58,753‌
Total
Information
Technology
640,006‌
T.
ROWE
PRICE
Growth
Stock
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
0.4%
Chemicals
0.4%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $72,936 (1)(2)(3)
1,538,629‌
120,013‌
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $54,505 (1)(2)
(3)
1,320,595‌
41,163‌
Total
Materials
161,176‌
Total
Convertible
Preferred
Stocks
(Cost
$997,484)
1,360,178‌
PREFERRED
STOCKS
0.5%
CONSUMER
DISCRETIONARY
0.5%
Automobiles
0.5%
Dr
Ing
hc
F
Porsche
(EUR) (1)
2,775,280‌
224,393‌
Total
Consumer
Discretionary
224,393‌
Total
Preferred
Stocks
(Cost
$223,752)
224,393‌
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (4)(5)
173,235,282‌
173,235‌
Total
Short-Term
Investments
(Cost
$173,235)
173,235‌
Total
Investments
in
Securities
100.4%
(Cost
$28,652,003)
$
44,431,647‌
Other
Assets
Less
Liabilities
(0.4)%
(
177,618‌
)
Net
Assets
100.0%
$
44,254,029‌
‡
Shares/Par
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
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
$1,914,125
and
represents
4.3%
of
net
assets.
(4)
Seven-day
yield
(5)
Affiliated
Companies
T.
ROWE
PRICE
Growth
Stock
Fund
7
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
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,
2022.
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,
Class
A ^^
$
689,791‌
$
(
3,067,066‌
)
$
—‌
SentinelOne,
Class
A 
—‌
(
168,467‌
)
—‌
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—‌
—‌
5,615‌
Totals
$
689,791‌
#
$
(
3,235,533‌
)
$
5,615‌
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
Rivian
Automotive,
Class
A ^^
$
*
$
696,141‌
$
694,900‌
$
*
SentinelOne,
Class
A 
*
31,592‌
3,508‌
*
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
1,078,675‌
¤
¤
173,235‌
Total
$
173,235‌
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$5,615
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
$173,235.
^^
Includes
previously
reported
affiliates
Rivian
Automotive
acquired
through
a
corporate
action.
*
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
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 fund’s
own
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
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
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.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
T.
ROWE
PRICE
Growth
Stock
Fund
11
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 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.
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,
2022
(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,
2022.
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,
2022,
totaled $(246,330,000) for
the
period ended
September
30,
2022.
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)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
41,704,398‌
$
444,298‌
$
521,875‌
$
42,670,571‌
Convertible
Bonds
—‌
—‌
3,270‌
3,270‌
Convertible
Preferred
Stocks
—‌
—‌
1,360,178‌
1,360,178‌
Preferred
Stocks
—‌
224,393‌
—‌
224,393‌
Short-Term
Investments
173,235‌
—‌
—‌
173,235‌
Total
$
41,877,633‌
$
668,691‌
$
1,885,323‌
$
44,431,647‌
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
9/30/22
Investment
in
Securities
Common
Stocks
$
779,052‌
$
(257,208‌)
$
31‌
$
521,875‌
Convertible
Bonds
—‌
—‌
3,270‌
3,270‌
Convertible
Preferred
Stocks
1,349,300‌
10,878‌
—‌
1,360,178‌
Total
$
2,128,352‌
$
(246,330‌)
$
3,301‌
$
1,885,323‌
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
$
521,875‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
2.6x
–
12.6x
5.2x
Increase
Sales
growth
rate
17%
–
74%
33%
Increase
Enterprise
value
to
gross
profit
multiple
16.4x
–
21.7x
17.8x
Increase
Gross
profit
growth
rate
20%
20%
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.3x
–
0.4x
0.3x
Increase
Gross
merchandise
value
growth
rate
18%
–
19%
18%
Increase
Price-to-
earnings
multiple
7.1x
–
19.9x
12.8x
Increase
Price-to-
earnings
growth
rate
(42%)
(42%)
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
1,360,178‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
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**
Market
comparable
Enterprise
value
to
sales
multiple
2.6x
–
12.6x
5.0x
Increase
Sales
growth
rate
57%
–
74%
67%
Increase
Enterprise
value
to
gross
profit
multiple
10.1x
–
16.5x
12.0x
Increase
Gross
profit
growth
rate
59%
59%
Increase
Projected
enterprise
value
to
EBITDA
multiple
4.3x
4.3x
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.3x
–
0.7x
0.5x
Increase
Gross
merchandise
value
growth
rate
18%
–
30%
25%
Increase
Discount
rate
for
cost
of
capital
30%
30%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
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
a
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.
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.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F40-054Q3
09/22 
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
Bonds
$
3,270‌
Recent
comparable
transaction
price(s)
—#
—#
—#
—#