# EDGAR Filing Document

**Accession Number:** 0000080257
**File Stem:** 0001193125-23-044805
**Filing Date:** 2023-2
**Character Count:** 238444
**Document Hash:** abb4abf1b6b30f51b47df40f37b8447a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044805.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044805

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Growth Stock Fund, Inc.
- **CENTRAL INDEX KEY:** 0000080257
- **IRS NUMBER:** 520655816
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00579
- **FILM NUMBER:** 23653055

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE GROWTH STOCK FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Growth Stock Fund, Inc. (Series ID: S000002087)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000005453 | T. Rowe Price Growth Stock Fund, Inc.         | PRGFX           |
| C000005454 | T. Rowe Price Growth Stock Fund-Advisor Class | TRSAX           |
| C000005455 | T. Rowe Price Growth Stock Fund-R Class       | RRGSX           |
| C000159680 | T. Rowe Price Growth Stock Fund-I Class       | PRUFX           |
| C000219315 | T. Rowe Price Growth Stock Fund-Z Class       | TRJZX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-00579

T. Rowe Price Growth Stock Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# ANNUAL REPORT

December 31, 2022

| PRGFX | T. ROWE PRICE Growth Stock Fund |
| --- | --- |
| TRSAX | Growth Stock Fund- Advisor Class |

INVEST WITH CONFIDENCE®

T. ROWE PRICE GROWTH STOCK FUND

# HIGHLIGHTS

•

•

•

The Growth Stock Fund generated a negative absolute return in the 12-month period ended December 31, 2022. The fund underperformed its benchmark, the S&P 500 Index, and lagged the style-specific Russell 1000 Growth Index. The fund also trailed its peer group, the Lipper Large-Cap Growth Funds Index.

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors moved out of riskier assets in response to deteriorating macroeconomic conditions and the Federal Reserve's attempt to

## Growth Stock Fund-R Class

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

### TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

**It's very hard to see your important account documents whenever you need them.**

**It's secure**-we protect your online accounts using 'True Identity' to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

Log in to your account at **troweprice.com** for more information.

*Certain mutual fund accounts that are assessed an annual account service fee

T. ROWE PRICE GROWTH STOCK FUND

Market Commentary

## Dear Shareholder

Nearly all major global stock and bond indexes fell sharply in 2022, as investors contended with persistently high inflation, tightening financial conditions, and

can also save money by switching to e-delivery.

fight elevated inflation through short-term interest rate increases, driving equities slowing economic and corporate earnings growth, downward with a high degree of correlation.

The fund's top sector allocations are in information technology, consumer bond investors also faced a historically tough environment amid a sharp rise in interest rates. Value shares declined but outperformed growth stocks by a

Despite significant market conditions and expectations of furthering rates volatility in the coming year, we continue to stay true to our growth mandates. stocks

TRJZX

## Growth Stock Fund-
T. ROWE PRICE GROWTH STOCK FUND
Z Class

sharp increase in yields led to historically weak results across the fixed income market, with the Bloomberg U.S. Aggregate Bond Index delivering its worst year on record. (Bond prices and yields move in opposite directions.)

As the period came to an end, the economic backdrop appeared mixed.

Although manufacturing gauges have drifted toward contraction levels, the U.S. jobs market remained resilient, and corporate and household balance sheets

2

T. ROWE PRICE GROWTH STOCK FUND

INVESTMENT OBJECTIVE

Management's Discussion of Fund Performance

Given growth, the Fund has followed positive incremental news and inflation. The Fund's growth, however, is a key factor in the financial situation and again in November, there is reason to believe that once inflation begins to moderate in a sustained manner, many of our high- conviction holdings could be well positioned for outperformance. FUND COMMUNITY 500 Index, energy was a rare bright spot, gaining more than unpoised by the broad headwinds that markets faced, and volatility may 60% as oil prices jumped in response to Russia's invasion of Ukraine and where did the fund perform in the past 12 months? The fund's amid slowing concerns over commodity supply shortages, Defensive shares, such as utilities, economic growth. However, in our view there continue to be opportunities for consumer staples, and health care, held up relatively well and finished the

| PERFORMANCE COMPARISON |  |  |
| --- | --- | --- |
|  | Total Return |  |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Growth Stock Fund | -5.52% | -40.14% |
| Growth Stock Fund- Advisor Class | -5.64 | -40.29 |

3

T. ROWE PRICE GROWTH STOCK FUND

increase, and lowered 2022 delivery guidance due to supply chain disruptions. Shares also remained pressured given that early-stage cash-burning companies suffered the most in the broad market downturn. Elsewhere in the sector,

The Growth Stock Fund, reserved, includes in the 12-month period, and the 12-month period, which is a 12-month period. The growth stock fund is a 12-month period, which is a 12-month period. The growth stock fund is a 12-month period, which is a 12-month period. The growth stock fund is a 12-month period, which is a 12-month period.

investment professionals, go to
troweprice.com.

| Growth Stock Fund- | -5.75 | -40.44 |
| --- | --- | --- |
| Growth Stock Fund- | 4 |  |
| I Class | -5.44 | -40.05 |
| Growth Stock Fund- |  |  |
| Z Class | -5.21 | -39.74 |
| S&P 500 Index | T. ROWE PRICE GROWTH STOCK FUND |  |

of strength during the year as investors rotated into the space thanks to its defensive characteristics and solid fundamentals. Cigna and UnitedHealth Group both finished the year higher as investors rewarded the firms for solid medical cost ratio trends and a favorable pricing environment.

**How is the fund positioned?**

5

The following table provides the information in a specific format:

| SECTOR DIVERSIFICATION | -1.48 | -29.14 |
| --- | --- | --- |
|  | Percent of Net Assets |  |
|  | 6/30/22 | 12/31/22 |
| Information Technology | 45.1% | 47.8% |
| Consumer Discretionary | 23.3 | 17.6 |
| Health Care | 11.5 | 13.9 |

6

T. ROWE PRICE GROWTH STOCK FUND

What is portfolio management's outlook?

Some of cooling inflation are a welcomed right, but the company's management, the company's management, and the company's management, are not to be a good deal. The company's management, the company's management, and the company's management, are not to be a good deal. The company's management, the company's management, and the company's management, are not to be a good deal.

| Communication Services | 13.3 | 11.0 |
| --- | --- | --- |
| Industrials and Business Services | 4.9 | 4.5 |
| Consumer Staples | 0.0 | 0.6 |
| Materials | 0.3 | 0.4 |
| Financials | 0.2 | 0.0 |

7

T. ROWE PRICE GROWTH STOCK FUND

RISKS OF INVESTING IN THE FUND

RISKS OF STOCK INVESTING

as shorter-maturity Treasuries experienced the largest violation of the General Regulations. The General Regulations are a major issue of the State of New York, and the State of New Jersey is a major issue of the State of New York. The State of New Jersey is a major issue of the State of New Jersey. The State of New Jersey is a major issue of the State of New Jersey. The State of New Jersey is a major issue of the State of New Jersey. The State of New Jersey is a major issue of the State of New Jersey. The State of New Jersey is a major issue of the State of New Jersey. The State of New Jersey is a major issue of the State of New Jersey. The State of New Jersey is a major issue of

8

| Real Estate | 0.0 | 0.0 |
| --- | --- | --- |
|  | T. ROWE PRICE GROWTH STOCK FUND |  |
| Energy | 0.0 | 0.0 |
| Utilities | 0.0 | 0.0 |
| Other and Reserves | 1.4 | 4.2 |
| Total | 100.0% | 100.0% |
| Historical | The LSE Group is not responsible for the formatting of the material or for any inaccuracy in T. Rowe Price's presentation thereof. |  |

Note: The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a

9

T. ROWE PRICE GROWTH STOCK FUND

10.10 - HIGH SORTS

# TWENTY-FIVE LARGEST HOLDINGS

| F | Percent of Net Assets 12/31/22 |
| --- | --- |

10

# T. ROWE PRICE GROWTH STOCK FUND

# GROWTH OF $10,000

This chart shows the value of a hypothetical $10,000 investment in the fund over

![img-0.jpeg](img-0.jpeg)

12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22

As of 12/31/22

Growth Stock Fund

$28,990

Microsoft's 2020-2021 year, the company has been a major market for the company's business. The company's business is a major market for the company's business. The company's business is a major market for the company's business.

11

T. ROWE PRICE GROWTH STOCK FUND

AVERAGE ANNUAL COMPOUND TOTAL RETURN

| Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- |

<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

ASML Holding
Growth Stock Fund - 40.29 - 4.68 10.94
Intuit
Growth Stock Fund - 2.1
Royce
Eli Lilly
Growth Stock Fund - 2.1
Sempitely
Rivian Associates
Growth Stock Fund -
Fisex
T. ROWE PRICE GROWTH STOCK FUND
17
17
17
8/28/15

# **FUND EXPENSE EXAMPLE**

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as redemption fees or sales loads, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for

13

T. ROWE PRICE GROWTH STOCK FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

| GROWTH STOCK FUND |  |  |  |
| --- | --- | --- | --- |
|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| The view change to a forecast | 7/1/22 | 12/31/22 | 7/1/22 to 12/31/22 |
| Investor Class |  |  |  |

14

# T. ROWE PRICE GROWTH STOCK FUND

**FINANCIAL HIGHLIGHTS** For a share outstanding throughout each period

| Investor Class |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Year Ended 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |

| Net investment activities | $1,200.00 | 2,944.60 |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Net investment activities | (42.31) | 19.65 | 27.13 | 17.49 | (0.53) |
| Total from investment activities | (42.52) | 19.31 | 26.99 | 17.57 | (0.35) |

15

T. ROWE PRICE GROWTH STOCK FUND

| FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period |
| --- | --- |

Advisor Class

|  | Year Ended 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| --- | --- | --- | --- | --- | --- |
| NET ASSET VALUE |  |  |  |  |  |
| Beginning of period | $103.20 | $94.36 | $71.50 | $55.75 | $61.26 |

16

T. ROWE PRICE GROWTH STOCK FUND

R Class

State the expense of 50 paid on your 2022-23 during this period. 5.63

Hypothetical (assumes 5% of the total) 1,019.41 5.85
The information on the second line of the table (Hypothetical) is based on hypothetical account

R Class

from the fund's actual expense ratio and an assumed 5% (or 5%)

NET ASSET VALUE

End of period

Net realized gain

(41.04) 19.12 26.41 17.05 (0.51)

$61.61 $106.32 $96.94 $73.35 $57.11

(2.19) (9.65) (3.18) (1.19) (5.01)

T. ROWE PRICE GROWTH STOCK FUND

FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

I Class

Year
Ended

The following table provides the information in a specific format:

**Note:** T. Rowe Price charges an annual account service fee of $20, generally for accounts with the amount of $20. The amount of $20 is not to be paid for any account service. This is not to be paid for any account service. The amount of $20 is not to be paid for any account service.

| Distributions |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Share of assets (1) |  |  |  |  |  |
| Rate of investment | 2018 | (2.19) | (9.43) | (2.99) | (1.19) |
| Cost of investment | ($/M) | (0.08) | (0.22) | (0.04) | 0.17 |
| Net assets | (1,000,000) | 0.67% | 0.63% | 0.64% | 0.65% |
| Net assets | (1,000,000) | (40.29%) | 19.71% | 36.55% | 30.44% |
| Net assets | (1,000,000) | (40.29%) | 19.71% | 36.55% | 30.44% |

18

# T. ROWE PRICE GROWTH STOCK FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# Z Class

|  | Year Ended | 3/16/20 (1) Through |
| --- | --- | --- |
|  | 12/31/22 | 12/31/21 |
| NET ASSET VALUE |  |  |

Days in the most recent fiscal half year (184) and divided by the days in the year (365). The 1st of the October of the accompanying data is you are subject to the tax rates of a mind to reflect the half-year period. The annualized expense ratio of the investor Class was when you are estimating the ongoing expenses of investing in the fund and when comparing 0.66%, the Advisor Class was 0.91%, the R Class was 1.15%, the I Class was 0.53%, and the expenses of this fund with other funds.

You should also be aware that the expenses shown in the table highlight only your ongoing financial position. $26.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30.8% $30

NET ASSET VALUE assets: (2)
December 31, 2022
$67.7% $106.34 $96.98 $74.98 $57.18
$57.18

# PORTFOLIO OF INVESTMENTS

Shares/Par

$ Value

(Cost and value in $000s)

COMMON STOCKS 91.8%

COMMUNICATION SERVICES 10.0%

Entertainment 2.1%

20

T. ROWE PRICE GROWTH STOCK FUND

|  | Shares/Par | $ Value |
| --- | --- | --- |
| Netflix (1st value in $000s) | 1,776,619 | 523,890 |
| Sex, ADR (1) | 2,902,274 | 151,005 |
| Maplebeat DBA Instacart, Acquisition Date: 8/7/20, | 2,805,361 | 227,799 |
| Spotify, Technology (2) | 444,285 | 21,537 |
| Promises by Price Associates | 1.18% | 1.17% |
| Maplebeat DBA Instacart, Augmented, Arrangement with Price Associates | 1.17% | 1.17% |
| Maplebeat DBA Instacart, Augmented, Arrangement with Price Associates | 1.17% | 1.17% |
| Netflix (1st value in $000s) | 1,125 | 1,125 |
| Reinforcement of sales | 0.00% | 0.00% |
| Reinforcement of sales | 0.00% | 0.00% |
| Reinforcement of sales | 0.00% | 0.00% |
| Alphabetic Cast (1st value) | 0.00% | 0.00% |
| Alphabetic Cast (1st value) | 0.00% | 0.00% |
| Alphabetic Cast (1st value) | 0.00% | 0.00% |
| Alphabetic Cast (1st value) | 0.00% | 0.00% |
| Alphabetic Cast (1st value) | 0.00% |  |
| Alphabetic Cast (1st value) | 0.00% |  |
| Alphabetic Cast (1st value) | 0.00% |  |
| Alphabetic Cast (1st value) | 0.00% |  |
| Alphabetic Cast (1st value) | 0.00% |  |

21

# T. ROWE PRICE GROWTH STOCK FUND

|  | Shares/Par | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |

[{"box_2d": [36, 79, 614, 229], "label": "table", "caption": "

| Leisure Products 0.2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Petition Interactive, Class A (1) | 3,767,706 | 156,322 |  |  |
| Metal Performers, Class A (1) | 12,590,061 | 99,965 |  |  |
| Primary, Class A (1) | 1,276,899 | 153,650 |  |  |
| Specialty Retail 2.6% | 7,491,116 | 181,741 |  |  |
| Floor & Decor Holdings, Class A (1) | 2,026,114 | 3,167,786 |  |  |
| Metals, Public, and Public Works |  | 241,078 |  |  |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |
| Total assets, which is calculated using average shares outstanding at 2% | 6,338,776 | 5,693,647 |  |  |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
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| --- | --- | --- | --- | --- |

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| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

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| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

| Total assets, which is calculated using average shares outstanding at 2% |  |  |  |  |
| --- | --- | --- | --- | --- |

<table><tr><

23

# T. ROWE PRICE GROWTH STOCK FUND

| Textiles, Apparel & Luxury Goods 0.0% | 1,483,890 | 4,147,874 |
| --- | --- | --- |
| Consumer Services (1) | 3,500,485 | 493,987 |
| CONSUMER DISCRETIONARY 16.3% | 6,305,711 | 1,310,075 |
|  |  | 453,491 |
| Auto-Compensation 0.5% |  | 3,587,632 |
| Semiconductors & Semiconductor Equipment 7.0% |  | 6,842,223 |
| Consumer Services 0.0% | 1,888,647 | 224,067 |
| Consumer Staples 0.0% | Shares/Par | $ Value |
| Personal Products 0.5% | 1,927,194 | 1,000,339 |
| Commercial Services & Supplies 0.3% |  |  |
| CONVERTIBLE PREFERRED STOCKS 2.7% | 1,000,000 | 1,000,000 |
| Property, such as, assuming reestablishment of all distributions, and payment of no redemption or account fees, if applicable. Total return is not annualized for periods less than one year. |  |  |
| COMMUNICATION SERVICES 0.9% |  |  |
| Interactive Media & Services 0.9% |  |  |

24

# T. ROWE PRICE GROWTH STOCK FUND

| Shares/Par | $ Value |
| --- | --- |

| Health Care Services, 2016 | Date: 7/8/19, Cost $107,809 (1) | 39,129,173 | 350,085 |
| --- | --- | --- | --- |
| Health Care 13.5% |  | 2,187,317 | 2,187,317 |
| Individual Care/Generates 1.3% |  |  | 1,369,096 |
| Direct Care/Consumer Services 0.1% |  |  |  |
| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| Consumer Services 0.1% |  | 1,228,073 | 258,248 |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |
| Consumer Services 0.1% |  | 1,228,073 | 258,248 |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |
| Consumer Services 0.1% |  | 1,228,073 | 258,248 |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

| Consumer Services 0.1% |  | 1,228,073 | 258,248 |
| --- | --- | --- | --- |

The accompanying notes are an integral part of these financial statements.

25

T. ROWE PRICE GROWTH STOCK FUND

(4) The identity of certain securities has been concealed to protect the fund while it

[{"box_2d": [40, 80, 603, 186], "label": "table", "caption": "

| Value (1) | 568,406 | 161,228 |
| --- | --- | --- |
| Interest (1) | 2,443,932 | 648,921 |
| Interest (1) | 1,148,749 | 1,148,749 |
| Interest (1) | 1,148,749 | 1,148,749 |
| Interest (1) | 1,148,749 | 1,148,749 |
| Interest (1) | 1,148,749 | 1,148,749 |
| Interest (1) | 1,148,749 | 1,148,749 |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |
| Interest (1) | 1,148,749 | 1,148,749 |
| Interest (1) | 1,148,749 | 1,148,749 |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |
| Interest (1) | 1,148,749 | 1,148,749 |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |
| Interest (1) | 1,148,749 | 1,148,749 |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

| Interest (1) | 1,148,749 | 1,148,749 |
| --- | --- | --- |

"

T. ROWE PRICE GROWTH STOCK FUND

# AFFILIATED COMPANIES

($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the

27

T. ROWE PRICE GROWTH STOCK FUND

# AFFILIATED COMPANIES

($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the

27

T. ROWE PRICE GROWTH STOCK FUND

# **STATEMENT OF ASSETS AND LIABILITIES**

($000s, except shares and per share amounts) December 31, 2022

| Dividends paid by F. D. O. (EUR) (1) | 3,548,638 | 1,965,000 |
| --- | --- | --- |
| Dividend paid by Class A, Acquisition Date: 1/20/16 - 10/12/17 | 12,750,000 | 2,000,000 |
| Total (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) |  |  |
| Total (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) |  |  |
| Total (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) |  |  |
| Total (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) |  |  |
| Total (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) |  |  |
| Total (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) |  |  |

28

T. ROWE PRICE GROWTH STOCK FUND

December 31, 2022

# **STATEMENT OF ASSETS AND LIABILITIES**

($000s, except shares and per share amounts)

# **Net Assets Consist of:**

| Total distributable earnings (loss) | $14,549,495 |
| --- | --- |
| Paid-in capital applicable to 680,243,771 shares of $1.00 |  |

| ANT International, Class C Acquisition, Date: 6/7/18, | $689,791 | $243,443 | $90,023 |
| --- | --- | --- | --- |
| CONVERTIBLE BONDS 4.4% |  | $1,000,000 | $94,007 |
| Monkey Market Funds, 4.4% |  | 6,685,000 | 696,005 |
| Monkey Market Funds, 4.30% |  | 315,548 | 133,230 |
| Monkey Market Funds, 4.30% |  | 1,329,270 | 132,821 |
| Monkey Market Funds, 4.30% |  | 1,838,546,651 | $1,838,906 |
| Monkey Market Funds, 4.30% |  | 3,276,683 | 41,238,826 |
| Total Convertible Bonds (Cost $1,838,523) |  |  | 1,838,523 |
| Total Convertible Bonds (Cost $3,270) |  |  | 3,270 |
| Total Convertible Bonds (Cost $3,270) |  | 2,619,004 | 53,204 |
| Total Convertible Bonds (Cost $3,270) |  |  | 41,950,345 |
| Total Convertible Bonds (Cost $3,270) |  |  | 135,240 |
| Total Convertible Bonds (Cost $3,270) |  |  | 19,075 |
| Total Convertible Bonds (Cost $3,270) |  |  | 29 |
| Total Convertible Bonds (Cost $3,270) |  |  | 3,823 |

The accompanying notes are an integral part of these financial statements.

29

T. ROWE PRICE GROWTH STOCK FUND

# STATEMENT OF OPERATIONS

($000s)

|  | Year Ended 12/31/22 |
| --- | --- |
| Investment Income (Loss) |  |
| Income |  |
| Dividend (net of foreign taxes of $2,930) | $213,996 |

30

| Amount ($26,404,239) | 12/31/21 | Cost | 6,914 | Cost | $42,000 |
| --- | --- | --- | --- | --- | --- |
| Reimb. Notes & Accrual Notes | Dates 10/29/21, Cost $33,950 | $(1,000) | $1,000 | $ | 22,695 |
| Reimb. Notes & Accrual Notes | Date: 9/8/20 - 9/24/20, | 31,592 | 4,345 |  | * |
| Cost $79,903 (1/2/22) |  |  | 1,337,376 |  | 48,159 |
| Reimb. Notes & Accrual Notes | Date: 9/8/20 - 9/24/20, | 31,592 | 4,345 |  | * |
| Reimb. Notes & Accrual Notes | Date: 9/8/20 - 9/24/20, | 31,592 | 4,345 |  | * |
| Total (1) Non-Income producing |  |  | $1,337,376 |  | 48,159 |
| Total (1) Non-Income producing |  |  | $1,337,376 |  | 48,159 |
| Total (1) Non-Income producing |  |  | $1,337,376 |  | 48,159 |
| Total (1) Non-Income producing |  |  | $1,337,376 |  |  |
| Total (1) Non-Income producing |  |  | $1,337,376 |  |  |
| Total (1) Non-Income producing |  |  | $1,337,376 |  |  |
| Total (1) Non-Income producing |  |  | $1,337,376 |  |  |

[{"box_2d": [38, 257, 619, 427], "label": "table", "caption": "

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |
| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| Total (1) Non-Income producing |  |  | $1,337,376 |  |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |
| Total (1) Non-Income producing |  |  | $1,337,376 |  |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

| Total (1) Non-Income producing |  |  | $1,337,376 |  |
| --- | --- | --- | --- | --- |

<table><tr><td>Total (1) Non-Income producing

(loss). The Securities Act of 1933 and related notes (the original amount) is a provision of the Securities Act of 1933 and related notes (the original amount).

| * | Investment income | $5,027 | $(28,599,762) |
| --- | --- | --- | --- |
| △ | Purchase and sale of products | (295,065) | 11,273,044 |
| △ | The cost basis of investment in foreign currencies | (28,599,762) | 2,494,623 |
| △ | Inclusive of the investment in foreign currencies | (28,891,566) | 13,489,244 |
| * | On the basis of the investment in foreign currencies | 9 | (28,894,827) |
|  | Increase (Decrease) in Net Assets |  |  |
|  | Rule 12b-1 fees |  |  |
|  | Checkings |  |  |
|  | Capitalized gain / loss |  |  |
|  | Net investment income (loss) |  |  |
|  | Subtotal |  |  |
|  | Net realized gain (loss) |  |  |
|  | Proportion of capitalized gains |  |  |
|  | Change in net unrealized gain / loss |  |  |
|  | Interest (decrease) in net assets from operations |  |  |
|  | Net realized gain / loss |  |  |
|  | Advisory Class |  |  |
|  | R Class |  |  |

32

T. ROWE PRICE GROWTH STOCK FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

|  | Year |  |
| --- | --- | --- |
|  | Ended |  |
|  | 12/31/22 | 12/31/21 |

Net Assets

| DECREASE IN NET ASSETS FROM OPERATIONS | (32,111,481) | $(28,891,930) |
| --- | --- | --- |
| Beginning period | 74,061,826 | 68,737,633 |
| End of period | $41,980,348 | $(74,061,826) |
| Current year accounting | (55,623) | (259,587) |
| Depreciation | (21,012) | (92,605) |
| Less: Depreciation (000s) | (426,547) | (1,598,107) |
| Less: Depreciation | (568,136) | (2,269,038) |
| Less: Depreciation | (1,454,254) | (6,575,374) |
| Wages | 3,774 | 3,985 |
| Wages paid by Price Associates | 1,303 | (95,109) |

# T. ROWE PRICE GROWTH STOCK FUND

# NOTES TO FINANCIAL STATEMENTS

T. Rowe Price Growth Stock Fund, Inc. (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as a nondiversified, open-end management investment company. The fund seeks long-term capital growth through investments in stocks. The fund has five classes of shares: the Growth Stock Fund (Investor Class), the Growth Stock Fund-Advisor Class (Advisor Class), the Growth Stock Fund-R Class (R Class), the Growth Stock Fund-I Class (I Class) and the Growth Stock Fund-Z Class

34

T. ROWE PRICE GROWTH STOCK FUND

The accompanying notes are an integral part of these financial statements and calculations. The appropriate, however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.

Class shares are sold only through various brokers and other financial instruments. Class shares are sold only through various brokers and other financial instruments. Class shares are sold only through various brokers and other financial instruments. Class shares are sold only through various brokers and other financial instruments. Class shares are sold only through various brokers and other financial instruments. Class shares are sold only through various brokers and other financial instruments. Class shares are sold only through various brokers and other financial instruments. Class shares are sold only through various brokers and other financial instruments. Class shares are sold only through various brokers and other financial instruments.

35

T. ROWE PRICE GROWTH STOCK FUND

not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended December 31, 2022, the fund realized $580,930,000 of net gain on $861,686,000 of in-kind redemptions.

reporting purposes. Income tax-related interest and penalties, if incurred, are recorded

**Capital Transactions** The Company reserves the right to change the fund as reflected

**Advisor Class** 363,450 2,215,334
**Advisor Class** 81,012 82,800
**Advisor Class** 81,012 82,800
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549
**Advisor Class** 82,000 1,993,549

36

T. ROWE PRICE GROWTH STOCK FUND

# **NOTE 2 - VALUATION**

**Fair Value** The fund's financial instruments are valued at the close of the NYSE 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

The following table provides the information in English:

**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

38

T. ROWE PRICE GROWTH STOCK FUND

by type of investment and may include market or investment specific considerations.

NOTE: **SIGNIFICANT ACCOUNTING POLICIES** may be adjusted to reflect the fair value of such securities at the close of the NYSE, if the Valuation Designee determines **Basis of Preparation** (The total, if any, of the following: **Payments and Balance** and **Payments and Balance** of the Financial Accounting Standards Board, 1988). The Company shall not be liable for any loss or damage to the Company's business or its parent, or for any loss or damage to the Company's business or its parent, or for any loss or damage to the Company's business or its parent, or for any loss or damage to the Company's business or its parent, or for any loss or damage to the Company's business or its parent, or for any loss or damage to the Company's business or its parent, or for any loss or damage to the Company's business or its parent, or for any loss or damage to the Company's business or its parent, or for any loss or damage

39

# T. ROWE PRICE GROWTH STOCK FUND

($000s)

| Beginning Gain (Loss) | Ending |
| --- | --- |
| Balance During Total Balance | Balance |
| 12/31/21 Period Purchases | 12/31/22 |

In-Kind Redemptions, the fund's total funding is $1,000,000. The fund's funding is $1,000,000. The fund's funding is $1,000,000. The fund's funding is $1,000,000. The fund's funding is $1,000,000.

40

T. ROWE PRICE GROWTH STOCK FUND

![img-0.jpeg](img-0.jpeg)

T. ROWE PRICE GROWTH STOCK FUND

Projected 4.3x 4.3x Increase
enterprise

T. ROWE PRICE GROWTH STOCK FUND

NOTE 3 - OTHER INVESTMENT TRANSACTIONS

Impact to
Valuation

Consistent with its investment objective, the fund averages in the following practices:
Convertible Preferred Stock
Investments for which market transactions are not readily available or deemed unreliable
Investments for which market transactions are not readily available or deemed unreliable

43

# T. ROWE PRICE GROWTH STOCK FUND

return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Capital accounts within the financial reporting records are adjusted for permanent book/

| Investments in Securities | Value (000s) | Valuation Technique(s)+ | Significant Unobservable Input(s) | Value or Range of Input(s) | Weighted Average of Input(s)* | from an Increase in Input** |
| --- | --- | --- | --- | --- | --- | --- |

| Investments | Value | Valuation | Significant Unobservable | Value or Range of | Weighted Average of | Impact to Valuation from an Increase |
| --- | --- | --- | --- | --- | --- | --- |

Following is a reconciliation of the fund's Level 3 holdings for the year ended December 31, 2022. Date of publication was changed to December 31, 2022. Date of publication was changed to December 31, 2022. Date of publication was changed to December 31, 2022. Date of publication was changed to December 31, 2022. Date of publication was changed to December 31, 2022. Date of publication was changed to December 31, 2022. Date of publication was changed to December 31, 2022. Date of publication was changed

T. ROWE PRICE GROWTH STOCK FUND

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period. The temporary differences relate primarily to the deferral of losses from wash sales. The loss carryforwards and deferrals primarily relate to capital loss carryforwards. Capital loss

in Securities (000s) Technique(s)+ Input(s) Input(s) Input(s)* in Input**

45

T. ROWE PRICE GROWTH STOCK FUND

NOTE: The following table provides the information in English:

46

T. ROWE PRICE GROWTH STOCK FUND

capacity as the fund's transfer and dividend-disbursing agent. T. Rowe Price Retirement Plan Services, Inc. provides subaccounting and recordkeeping services for certain retirement accounts invested in the Investor Class, R Class and Advisor Class. For the

Other, Purchases and sales of portfolio, securities, other than other loan securities, are not to be sold or sold in any way. The following is a general, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable, non-accidental, and the applicable

47

# T. ROWE PRICE GROWTH STOCK FUND

# NOTE 7 - INTERFUND LENDING PROGRAM

Price Associates has developed and manages an interfund lending program that provides temporary liquidity to the T. Rowe Price-sponsored mutual funds. The program permits the borrowing and lending of cash between the fund and other T. Rowe Price-sponsored mutual funds at rates beneficial to both the borrowing and lending funds. Pursuant to

48

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
NOTE: RELEASED PARTIES INFRINGEMENT
To the Board of Directors and Shareholders of T. Rowe Price Growth Stock Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the

49

T. ROWE PRICE GROWTH STOCK FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(CONTINUED)

NOTE

portfolio of investments of T. Rowe Price Growth Stock Fund, Inc. (the "Fund") as of 2022. The Fund is a member of the United States, which is a member of the United Kingdom, and is a member of the United States. The Fund is a member of the United States, which is a member of the United Kingdom, and is a member of the United States. The Fund is a member of the United States, which is a member of the United Kingdom, and is a member of the United States. The Fund is a member of the United States, which is a member of the United Kingdom, and is a member of the United States. The Fund is a member of the United States, which is

50

T. ROWE PRICE GROWTH STOCK FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.

•
•

Our procedures included confirmation of securities owned as of December 31, 2022
the year then ended, the changes to its net assets for each of the two years in the period
of the year ended, the changes to its net assets for each of the two years in the period
of the year ended, the changes to its net assets for each of the two years in the period
of the year ended, the changes to its net assets for each of the two years in the period
of the year ended, the changes to its net assets for each of the two years in the period
of the year ended, the changes to its net assets for each of the two years in the period
of the year ended, the changes to its net assets for each

51

T. ROWE PRICE GROWTH STOCK FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

In accordance with Rule 22e-4 (Liquidity Rule) under the Investment Company Act
of 1940, as amended, the fund has established a liquidity risk management program
(Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk,
which generally represents the risk that the fund would not be able to meet redemption
requests without significant dilution of remaining investors' interests in the fund. The

52

T. ROWE PRICE GROWTH STOCK FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

February 16, 2023

RECORDS

The record is a series of reports by the United States Department of the Interior, and is published in the United States. The record is a series of reports by the United States Department of the Interior, and is published in the United States.

53

T. ROWE PRICE GROWTH STOCK FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

Your fund is overseen by a Board of Directors (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the fund, including performance, investment programs,

It also is claimed the methodology for establishing a fund's HLIM and noted that the LRC compliance with the LRC's request is not to be used for the LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's LRC's

54

T. ROWE PRICE GROWTH STOCK FUND

INDEPENDENT DIRECTORS (CONTINUED)

Name
(Year of Birth)
Year Elected
[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and

Portfolios Overseen) Other Investment Companies During the Past Five Years
INDEPENDENT DIRECTORS
Paul F. Rowe Price (1990-2012) (2012 to 2018)
Name: Paul F. Rowe Price (1990-2012) (2012 to 2018)
Name: Paul F. Rowe Price (1990-2012) (2012 to 2018)
Name: Paul F. Rowe Price (1990-2012) (2012 to 2018)
Name: Paul F. Rowe Price (1990-2012)

Year Elected
Number of Companies
T. ROWE PRICE GROWTH STOCK FUND
Portfolios Overseen) Other Investment Companies During the Past Five Years
1990-2012
1990-2012
1990-2012
1990-2012
1990-2012
1990-2012

INTERESTED DIRECTORS (CONTINUED)

Name
(Year of Birth)
Year Elected
[Number of T. Rowe Price Portfolios Overseen] Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years
Eric L. Veiel, CFA Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price

56

T. ROWE PRICE GROWTH STOCK FUND

OFFICERS (CONTINUED)

[1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [1998] [

57

T. ROWE PRICE GROWTH STOCK FUND

OFFICERS (CONTINUED)

The President of the United States, 2020 to present the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office of the President's Office

58

# You have many investment goals.

![img-0.jpeg](img-0.jpeg)

Name (Year of Birth)
Position Held With Growth Stock Fund Principal Occupation(s)

Name (Year of Birth)
Position Held With Growth Stock Fund Principal Occupation(s)

Benjamin Kersse, CPA (1989)

Vice President

Paul J. Krug, CPA (1964)
Robert J. Gerrard, Jr.

Vice President

Sam Johnson (1992)

Vice President

Jodi L. (1993)

Eric L. DeVilbiss, CPA (1983)

Explore products and services that can help you achieve them.
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price
Vice President, T. Rowe Price

# **Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

# **Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former similar functions. A copy of this code of ethics, including the following: Director, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer, Vice President, former executive officer

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc.

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc.

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

The following services rendered in (g) above were considered by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in

American Securities (A) and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries, Inc., and its subsidiaries

Unless otherwise noted, officers have been employed of T. Rowe Price or Price International for at least

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

T. Rowe Price Services, Inc., and T. Rowe Price Trust Company

(c)(1) This document is intended for the use of the S.A. or its affiliates, and is not intended to be used, construed, or used to be a "or" or a "not" or a "not" of any of the following: (1) This document is intended for the use of the S.A. or its affiliates, and (2) This document is intended for the use of the S.A. or its affiliates, and (3) This document is intended for the use of the S.A. or its affiliates, and (4) This document is intended for the use of the S.A. or its affiliates, and (5) This document is intended for the use of the S.A. or its affiliates, and (6) This document is intended for the use of the S.A. or its affiliates, and (7) This document is intended for the use of the S.A. or its affiliates, and (8) This document is intended for the use of the S.A. or its affiliates, and (9) This document is intended for the use of the S.A. or its affiliates, and (10) This document is intended for the use of the S.A. or its affiliates, and (11) This document is intended for the use of the S.A. or its affiliates, and (12) This document is intended for the use of the S.A. or its affiliates, and (13) This document is intended for the use of the S.A. or its affiliates, and (14) This document is intended for the use of the S.A. or its affiliates, and (15) This document is intended for the use of the S.A. or its affiliates, and (16) This document is intended for the use of the S.A. or its affiliates, and (17) This document is intended for the use of the S.A. or its affiliates, and (18) This document is intended for the use of the S.A. or its affiliates, and (19) This document is intended for the use of the S.A. or its affiliates, and (20) This document is intended for the use of the S.A. or its affiliates, and (21) This document is intended for the use of the S.A. or its affiliates, and (22) This document is intended for the use of the S.A. or its affiliates, and (23) This document is intended for the use of the S.A. or its affiliates, and (24) This document is intended for the use of the S.A. or its affiliates, and (25) This document is intended for the use of the S.A. or its affiliates, and (26) This document is intended for the use of the S.A. or its affiliates, and (27) This document is intended for the use of the S.A. or its affiliates, and (28) This document is intended for the use of the S.A. or its affiliates, and (29) This document is intended for the use of the S.A. or its affiliates, and (30) This document is intended for the use of the S.A. or its affiliates, and (31) This document is intended for the use of the S.A. or its affiliates, and (32) This document is intended for the use of the S.A. or its affiliates, and (33) This document is intended for the use of the S.A. or its affiliates, and (34) This document is intended for the use of the S.A. or its affiliates, and (35) This document is intended for the use of the S.A. or its affiliates, and (36) This document is intended for the use of the S.A. or its affiliates, and (37) This document is intended for the use of the S.A. or its affiliates, and (38) This document is intended for the use of the S.A. or its affiliates, and (39) This document is intended for the use of the S.A. or its affiliates, and (40) This document is intended for the use of the S.A. or its affiliates, and (41) This document is intended for the use of the S.A. or its affiliates, and (42) This document is intended for the use of the S.A. or its affiliates, and (43) This document is intended for the use of the S.A. or its affiliates, and (44) This document is intended for the use of the S.A. or its affiliates, and (45) This document is intended for the use of the S.A. or its affiliates, and (46) This document is intended for the use of the S.A. or its affiliates, and (47) This document is intended for the use of the S.A. or its affiliates, and (48) This document is intended for the use of the S.A. or its affiliates, and (49) This document is intended for the use of the S.A. or its affiliates, and (50) This document is intended for the use of the S.A. or its affiliates, and (51) This document is intended for the use of the S.A. or its affiliates, and (52) This document is intended for the use of the S.A. or its affiliates, and (53) This document is intended for the use of the S.A. or its affiliates, and (54) This document is intended for the use of the S.A. or its affiliates, and (55) This document is intended for the use of the S.A. or its affiliates, and (56) This document is intended for the use of the S.A. or its affiliates, and (57) This document is intended for the use of the S.A. or its affiliates, and (58) This document is intended for the use of the S.A. or its affiliates, and (59) This document is intended for the use of the S.A. or its affiliates, and (60) This document is intended for the use of the S.A. or its affiliates, and (61) This document is intended for the use of the S.A. or its affiliates, and (62) This document is intended for the use of the S.A. or its affiliates, and (63) This document is intended for the use of the S.A. or its affiliates, and (64) This document is intended for the use of the S.A. or its affiliates, and (65) This document is intended for the use of the S.A. or its affiliates, and (66) This document is intended for the use of the S.A. or its affiliates, and (67) This document is intended for the use of the S.A. or its affiliates, and (68) This document is intended for the use of the S.A. or its affiliates, and (69) This document is intended for the use of the S.A. or its affiliates, and (70) This document is intended for the use of the S.A. or its affiliates, and (71) This document is intended for the use of the S.A. or its affiliates, and (72) This document is intended for the use of the S.A. or its affiliates, and (73) This document is intended for the use of the S.A. or its affiliates, and (74) This document is intended for the use of the S.A. or its affiliates, and (75) This document is intended for the use of the S.A. or its affiliates, and (76) This document is intended for the use of the S.A. or its affiliates, and (77) This document is intended for the use of the S.A. or its affiliates, and (78) This document is intended for the use of the S.A. or its affiliates, and (79) This document is intended for the use of the S.A. or its affiliates, and (80) This document is intended for the use of the S.A. or its affiliates, and (81) This document is intended for the use of the S.A. or its affiliates, and (82) This document is intended for the use of the S.A. or its affiliates, and (83) This document is intended for the use of the S.A. or its affiliates, and (84) This document is intended for the use of the S.A. or its affiliates, and (85) This document is intended for the use of the S.A. or its affiliates, and (86) This document is intended for the use of the S.A. or its affiliates, and (87) This document is intended for the use of the S.A. or its affiliates, and (88) This document is intended for the use of the S.A. or its affiliates, and (89) This document is intended for the use of the S.A. or its affiliates, and (90) This document is intended for the use of the S.A. or its affiliates, and (91) This document is intended for the use of the S.A. or its affiliates, and (92) This document is intended for the use of the S.A. or its affiliates, and (93) This document is intended for the use of the S.A. or its affiliates, and (94) This document is intended for the use of the S.A. or its affiliates, and (95) This document is intended for the use of the S.A. or its affiliates, and (96) This document is intended for the use of the S.A. or its affiliates, and (97) This document is intended for the use of the S.A. or its affiliates, and (98) This document is intended for the use of the S.A. or its affiliates, and (99) This document is intended for the use of the S.A. or its affiliates, and (100)

(c)(1) This document is intended for the use of the S.A. or its affiliates, and (2) This document is intended for the use of the S.A. or its affiliates, and (3) This document is intended for the use of the S.A. or its affiliates, and (4) This document is intended for the use of the S.A. or its affiliates, and (5) This document is intended for the use of the S.A. or its affiliates, and (6) This document is intended for the use of the S.A. or its affiliates, and (7) This document is intended for the use of the S.A. or its affiliates, and (8) This document is intended for the use of the S.A. or its affiliates, and (9) This document is intended for the use of the S.A. or its affiliates, and (10) This document is intended for the use of the S.A. or its affiliates, and (11) This document is intended for the use of the S.A. or its affiliates, and (12) This document is intended for the use of the S.A. or its affiliates, and (13) This document is intended for the use of the S.A. or its affiliates, and (14) This document is intended for the use of the S.A. or its affiliates, and (15) This document is intended for the use of the S.A. or its affiliates, and (16) This document is intended for the use of the S.A. or its affiliates, and (17) This document is intended for the use of the S.A. or its affiliates, and (18) This document is intended for the use of the S.A. or its affiliates, and (19) This document is intended for the use of the S.A. or its affiliates, and (20) This document is intended for the use of the S.A. or its affiliates, and (21) This document is intended for the use of the S.A. or its affiliates, and (22) This document is intended for the use of the S.A. or its affiliates, and (23) This document is intended for the use of the S.A. or its affiliates, and (24) This document is intended for the use of the S.A. or its affiliates, and (25) This document is intended for the use of the S.A. or its affiliates, and (26) This document is intended for the use of the S.A. or its affiliates, and (27) This document is intended for the use of the S.A. or its affiliates, and (28) This document is intended for the use of the S.A. or its affiliates, and (29) This document is intended for the use of the S.A. or its affiliates, and (30) This document is intended for the use of the S.A. or its affiliates, and (31) This document is intended for the use of the S.A. or its affiliates, and (32) This document is intended for the use of the S.A. or its affiliates, and (33) This document is intended for the use of the S.A. or its affiliates, and (34) This document is intended for the use of the S.A. or its affiliates, and (35) This document is intended for the use of the S.A. or its affiliates, and (36) This document is intended for the use of the S.A. or its affiliates, and (37) This document is intended for the use of the S.A. or its affiliates, and (38) This document is intended for the use of the S.A. or its affiliates, and (39) This document is intended for the use of the S.A. or its affiliates, and (40) This document is intended for the use of the S.A. or its affiliates, and (41) This document is intended for the use of the S.A. or its affiliates, and (42) This document is intended for the use of the S.A. or its affiliates, and (43) This document is intended for the use of the S.A. or its affiliates, and (44) This document is intended for the use of the S.A. or its affiliates, and (45) This document is intended for the use of the S.A. or its affiliates, and (46) This document is intended for the use of the S.A. or its affiliates, and (47) This document is intended for the use of the S.A. or its affiliates, and (48) This document is intended for the use of the S.A. or its affiliates, and (49) This document is intended for the use of the S.A. or its affiliates, and (50) This document is intended for the use of the S.A. or its affiliates, and (51) This document is intended for the use of the S.A. or its affiliates, and (52) This document is intended for the use of the S.A. or its affiliates, and (53) This document is intended for the use of the S.A. or its affiliates, and (54) This document is intended for the use of the S.A. or its affiliates, and (55) This document is intended for the use of the S.A. or its affiliates, and (56) This document is intended for the use of the S.A. or its affiliates, and (57) This document is intended for the use of the S.A. or its affiliates, and (58) This document is intended for the use of the S.A. or its affiliates, and (59) This document is intended for the use of the S.A. or its affiliates, and (60) This document is intended for the use of the S.A. or its affiliates, and (61) This document is intended for the use of the S.A. or its affiliates, and (62) This document is intended for the use of the S.A. or its affiliates, and (63) This document is intended for the use of the S.A. or its affiliates, and (64) This document is intended for the use of the S.A. or its affiliates, and (65) This document is intended for the use of the S.A. or its affiliates, and (66) This document is intended for the use of the S.A. or its affiliates, and (67) This document is intended for the use of the S.A. or its affiliates, and (68) This document is intended for the use of the S.A. or its affiliates, and (69) This document is intended for the use of the S.A. or its affiliates, and (70) This document is intended for the use of the S.A. or its affiliates, and (71) This document is intended for the use of the S.A. or its affiliates, and (72) This document is intended for the use of the S.A. or its affiliates, and (73) This document is intended for the use of the S.A. or its affiliates, and (74) This document is intended for the use of the S.A. or its affiliates, and (75) This document is intended for the use of the S.A. or its affiliates, and (76) This document is intended for the use of the S.A. or its affiliates, and (77) This document is intended for the use of the S.A. or its affiliates, and (78) This document is intended for the use of the S.A. or its affiliates, and (79) This document is intended for the use of the S.A. or its affiliates, and (80) This document is intended for the use of the S.A. or its affiliates, and (81) This document is intended for the use of the S.A. or its affiliates, and (82) This document is intended for the use of the S.A. or its affiliates, and (83) This document is intended for the use of the S.A. or its affiliates, and (84) This document is intended for the use of the S.A. or its affiliates, and (85) This document is intended for the use of the S.A. or its affiliates, and (86) This document is intended for the use of the S.A. or its affiliates, and (87) This document is intended for the use of the S.A. or its affiliates, and (88) This document is intended for the use of the S.A. or its affiliates, and (89) This document is intended for the use of the S.A. or its affiliates, and (90) This document is intended for the use of the S.A. or its affiliates, and (91) This document is intended for the use of the S.A. or its affiliates, and (92) This document is intended for the use of the S.A. or its affiliates, and (93) This document is intended for the use of the S.A. or its affiliates, and (94) This document is intended for the use of the S.A. or its affiliates, and (95) This document is intended for the use of the S.A. or its affiliates, and (96) This document is intended for the use of the S.A. or its affiliates, and (97) This document is intended for the use of the S.A. or its affiliates, and (98) This document is intended for the use of the S.A. or its affiliates, and (99) This document is intended for the use of the S.A. or its affiliates, and (100)

(c) This document is intended for the use of the S.A. or its affiliates, and (2) This document is intended for the use of the S.A. or its affiliates, and (3) This document is intended for the use of the S.A. or its affiliates, and (4) This document is intended for the use of the S.A. or its affiliates, and (5) This document is intended for the use of the S.A. or its affiliates, and (6) This document is intended for the use of the S.A. or its affiliates, and (7) This document is intended for the use of the S.A. or its affiliates, and (8) This document is intended for the use of the S.A. or its affiliates, and (9) This document is intended for the use of the S.A. or its affiliates, and (10) This document is intended for the use of the S.A. or its affiliates, and (11) This document is intended for the use of the S.A. or its affiliates, and (12) This document is intended for the use of the S.A. or its affiliates, and (13) This document is intended for the use of the S.A. or its affiliates, and (14) This document is intended for the use of the S.A. or its affiliates, and (15) This document is intended for the use of the S.A. or its affiliates, and (16) This document is intended for the use of the S.A. or its affiliates, and (17) This document is intended for the use of the S.A. or its affiliates, and (18) This document is intended for the use of the S.A. or its affiliates, and (19) This document is intended for the use of the S.A. or its affiliates, and (20) This document is intended for the use of the S.A. or its affiliates, and (21) This document is intended for the use of the S.A. or its affiliates, and (22) This document is intended for the use of the S.A. or its affiliates, and (23) This document is intended for the use of the S.A. or its affiliates, and (24) This document is intended for the use of the S.A. or its affiliates, and (25) This document is intended for the use of the S.A. or its affiliates, and (26) This document is intended for the use of the S.A. or its affiliates, and (27) This document is intended for the use of the S.A. or its affiliates, and (28) This document is intended for the use of the S.A. or its affiliates, and (29) This document is intended for the use of the S.A. or its affiliates, and (30) This document is intended for the use of the S.A. or its affiliates, and (31) This document is intended for the use of the S.A. or its affiliates, and (32) This document is intended for the use of the S.A. or its affiliates, and (33) This document is intended for the use of the S.A. or its affiliates, and (34) This document is intended for the use of the S.A. or its affiliates, and (35) This document is intended for the use of the S.A. or its affiliates, and (36) This document is intended for the use of the S.A. or its affiliates, and (37) This document is intended for the use of the S.A. or its affiliates, and (38) This document is intended for the use of the S.A. or its affiliates, and (39) This document is intended for the use of the S.A. or its affiliates, and (40) This document is intended for the use of the S.A. or its affiliates, and (41) This document is intended for the use of the S.A. or its affiliates, and (42) This document is intended for the use of the S.A. or its affiliates, and (43) This document is intended for the use of the S.A. or its affiliates, and (44) This document is intended for the use of the S.A. or its affiliates, and (45) This document is intended for the use of the S.A. or its affiliates, and (46) This document is intended for the use of the S.A. or its affiliates, and (47) This document is intended for the use of the S.A. or its affiliates, and (48) This document is intended for the use of the S.A. or its affiliates, and (49) This document is intended for the use of the S.A. or its affiliates, and (50) This document is intended for the use of the S.A. or its affiliates, and (51) This document is intended for the use of the S.A. or its affiliates, and (52) This document is intended for the use of the S.A. or its affiliates, and (53) This document is intended for the use of the S.A. or its affiliates, and (54) This document is intended for the use of the S.A. or its affiliates, and (55) This document is intended for the use of the S.A. or its affiliates, and (56) This document is intended for the use of the S.A. or its affiliates, and (57) This document is intended for the use of the S.A. or its affiliates, and (58) This document is intended for the use of the S.A. or its affiliates, and (59) This document is intended for the use of the S.A. or its affiliates, and (60) This document is intended for the use of the S.A. or its affiliates, and (61) This document is intended for the use of the S.A. or its affiliates, and (62) This document is intended for the use of the S.A. or its affiliates, and (63) This document is intended for the use of the S.A. or its affiliates, and (64) This document is intended for the use of the S.A. or its affiliates, and (65) This document is intended for the use of the S.A. or its affiliates, and (66) This document is intended for the use of the S.A. or its affiliates, and (67) This document is intended for the use of the S.A. or its affiliates, and (68) This document is intended for the use of the S.A. or its affiliates, and (69) This document is intended for the use of the S.A. or its affiliates, and (70) This document is intended for the use of the S.A. or its affiliates, and (71) This document is intended for the use of the S.A. or its affiliates, and (72) This document is intended for the use of the S.A. or its affiliates, and (73) This document is intended for the use of the S.A. or its affiliates, and (74) This document is intended for the use of the S.A. or its affiliates, and (75) This document is intended for the use of the S.A. or its affiliates, and (76) This document is intended for the use of the S.A. or its affiliates, and (77) This document is intended for the use of the S.A. or its affiliates, and (78) This document is intended for the use of the S.A. or its affiliates, and (79) This document is intended for the use of the S.A. or its affiliates, and (80) This document is intended for the use of the S.A. or its affiliates, and (81) This document is intended for the use of the S.A. or its affiliates, and (82) This document is intended for the use of the S.A. or its affiliates, and (83) This document is intended for the use of the S.A. or its affiliates, and (84) This document is intended for the use of the S.A. or its affiliates, and (85) This document is intended for the use of the S.A. or its affiliates, and (86) This document is intended for the use of the S.A. or its affiliates, and (87) This document is intended for the use of the S.A. or its affiliates, and (88) This document is intended for the use of the S.A. or its affiliates, and (89) This document is intended for the use of the S.A. or its affiliates, and (90) This document is intended for the use of the S.A. or its affiliates, and (91) This document is intended for the use of the S.A. or its affiliates, and (92) This document is intended for the use of the S.A. or its affiliates, and (93) This document is intended for the use of the S.A. or its affiliates, and (94) This document is intended for the use of the S.A. or its affiliates, and (95) This document is intended for the use of the S.A. or its affiliates, and (96) This document is intended for the use of the S.A. or its affiliates, and (97) This document is intended for the use of the S.A. or its affiliates, and (98) This document is intended for the use of the S.A. or its affiliates, and (99) This document is intended for the use of the S.A. or its affiliates, and (100)

(c) This document is intended for the use of the S.A. or its affiliates, and (2) This document is intended for the use of the S.A. or its affiliates, and (3) This document is intended for the use of the S.A. or its affiliates, and (4) This document is intended for the use of the S.A. or its affiliates, and (5) This document is intended for the use of the S.A. or its affiliates, and (6) This document is intended for the use of the S.A. or its affiliates, and (7) This document is intended for the use of the S.A. or its affiliates, and (8) This document is intended for the use of the S.A. or its affiliates, and (9) This document is intended for the use of the S.A. or its affiliates, and (10) This document is intended for the use of the S.A. or its affiliates, and (11) This document is intended for the use of the S.A. or its affiliates, and (12) This document is intended for the use of the S.A. or its affiliates, and (13) This document is intended for the use of the S.A. or its affiliates, and (14) This document is intended for the use of the S.A. or its affiliates, and (15) This document is intended for the use of the S.A. or its affiliates, and (16) This document is intended for the use of the S.A. or its affiliates, and (17) This document is intended for the use of the S.A. or its affiliates, and (18) This document is intended for the use of the S.A. or its affiliates, and (19) This document is intended for the use of the S.A. or its affiliates, and (20) This document is intended for the use of the S.A. or its affiliates, and (21) This document is intended for the use of the S.A. or its affiliates, and (22) This document is intended for the use of the S.A. or its affiliates, and (23) This document is intended for the use of the S.A. or its affiliates, and (24) This document is intended for the use of the S.A. or its affiliates, and (25) This document is intended for the use of the S.A. or its affiliates, and (26) This document is intended for the use of the S.A. or its affiliates, and (27) This document is intended for the use of the S.A. or its affiliates, and (28) This document is intended for the use of the S.A. or its affiliates, and (29) This document is intended for the use of the S.A. or its affiliates, and (30) This document is intended for the use of the S.A. or its affiliates, and (31) This document is intended for the use of the S.A. or its affiliates, and (32) This document is intended for the use of the S.A. or its affiliates, and (33) This document is intended for the use of the S.A. or its affiliates, and (34) This document is intended for the use of the S.A. or its affiliates, and (35) This document is intended for the use of the S.A. or its affiliates, and (36) This document is intended for the use of the S.A. or its affiliates, and (37) This document is intended for the use of the S.A. or its affiliates, and (38) This document is intended for the use of the S.A. or its affiliates, and (39) This document is intended for the use of the S.A. or its affiliates, and (40) This document is intended for the use of the S.A. or its affiliates, and (41) This document is intended for the use of the S.A. or its affiliates, and (42) This document is intended for the use of the S.A. or its affiliates, and (43) This document is intended for the use of the S.A. or its affiliates, and (44) This document is intended for the use of the S.A. or its affiliates, and (45) This document is intended for the use of the S.A. or its affiliates, and (46) This document is intended for the use of the S.A. or its affiliates, and (47) This document is intended for the use of the S.A. or its affiliates, and (48) This document is intended for the use of the S.A. or its affiliates, and (49) This document is intended for the use of the S.A. or its affiliates, and (50) This document is intended for the use of the S.A. or its affiliates, and (51) This document is intended for the use of the S.A. or its affiliates, and (52) This document is intended for the use of the S.A. or its affiliates, and (53) This document is intended for the use of the S.A. or its affiliates, and (54) This document is intended for the use of the S.A. or its affiliates, and (55) This document is intended for the use of the S.A. or its affiliates, and (56) This document is intended for the use of the S.A. or its affiliates, and (57) This document is intended for the use of the S.A. or its affiliates, and (58) This document is intended for the use of the S.A. or its affiliates, and (59) This document is intended for the use of the S.A. or its affiliates, and (60) This document is intended for the use of the S.A. or its affiliates, and (61) This document is intended for the use of the S.A. or its affiliates, and (62) This document is intended for the use of the S.A. or its affiliates, and (63) This document is intended for the use of the S.A. or its affiliates, and (64) This document is intended for the use of the S.A. or its affiliates, and (65) This document is intended for the use of the S.A. or its affiliates, and (66) This document is intended for the use of the S.A. or its affiliates, and (67) This document is intended for the use of the S.A. or its affiliates, and (68) This document is intended for the use of the S.A. or its affiliates, and (69) This document is intended for the use of the S.A. or its affiliates, and (70) This document is intended for the use of the S.A. or its affiliates, and (71) This document is intended for the use of the S.A. or its affiliates, and (72) This document is intended for the use of the S.A. or its affiliates, and (73) This document is intended for the use of the S.A. or its affiliates, and (74) This document is intended for the use of the S.A. or its affiliates, and (75) This document is intended for the use of the S.A. or its affiliates, and (76) This document is intended for the use of the S.A. or its affiliates, and (77) This document is intended for the use of the S.A. or its affiliates, and (78) This document is intended for the use of the S.A. or its affiliates, and (79) This document is intended for the use of the S.A. or its affiliates, and (80) This document is intended for the use of the S.A. or its affiliates, and (81) This document is intended for the use of the S.A. or its affiliates, and (82) This document is intended for the use of the S.A. or its affiliates, and (83) This document is intended for the use of the S.A. or its affiliates, and (84) This document is intended for the use of the S.A. or its affiliates, and (85) This document is intended for the use of the S.A. or its affiliates, and (86) This document is intended for the use of the S.A. or its affiliates, and (87) This document is intended for the use of the S.A. or its affiliates, and (88) This document is intended for the use of the S.A. or its affiliates, and (89) This document is intended for the use of the S.A. or its affiliates, and (90) This document is intended for the use of the S.A. or its affiliates, and (91) This document is intended for the use of the S.A. or its affiliates, and (92) This document is intended for the use of the S.A. or its affiliates, and (93) This document is intended for the use of the S.A. or its affiliates, and (94) This document is intended for the use of the S.A. or its affiliates, and (95) This document is intended for the use of the S.A. or its affiliates, and (96) This document is intended for the use of the S.A. or its affiliates, and (97) This document is intended for the use of the S.A. or its affiliates, and (98) This document is intended for the use of the S.A. or its affiliates, and (99) This document is intended for the use of the S.A. or its affiliates, and (100)

(c) This document is intended for the use of the S.A. or its affiliates, and (2) This document is intended for the use of the S.A. or its affiliates, and (3) This document is intended for the use of the S.A. or its affiliates, and (4) This document is intended for the use of the S.A. or its affiliates, and (5) This document is intended for the use of the S.A. or its affiliates, and (6) This document is intended for the use of the S.A. or its affiliates, and (7) This document is intended for the use of the S.A. or its affiliates, and (8) This document is intended for the use of the S.A. or its affiliates, and (9) This document is intended for the use of the S.A. or its affiliates, and (10) This document is intended for the use of the S.A. or its affiliates, and (11) This document is intended for the use of the S.A. or its affiliates, and (12) This document is intended for the use of the S.A. or its affiliates, and (13) This document is intended for the use of the S.A. or its affiliates, and (14) This document is intended for the use of the S.A. or its affiliates, and (15) This document is intended for the use of the S.A. or its affiliates, and (16) This document is intended for the use of the S.A. or its affiliates, and (17) This document is intended for the use of the S.A. or its affiliates, and (18) This document is intended for the use of the S.A. or its affiliates, and (19) This document is intended for the use of the S.A. or its affiliates, and (20) This document is intended for the use of the S.A. or its affiliates, and (21) This document is intended for the use of the S.A. or its affiliates, and (22) This document is intended for the use of the S.A. or its affiliates, and (23) This document is intended for the use of the S.A. or its affiliates, and (24) This document is intended for the use of the S.A. or its affiliates, and (25) This document is intended for the use of the S.A. or its affiliates, and (26) This document is intended for the use of the S.A. or its affiliates, and (27) This document is intended for the use of the S.A. or its affiliates, and (28) This document is intended for the use of the S.A. or its affiliates, and (29) This document is intended for the use of the S.A. or its affiliates, and (30) This document is intended for

(c) This document is intended for the use of the S.A. or its affiliates, and (2) This document is intended for the use of the S.A. or its affiliates, and (3) This document is intended for the use of the S.A. or its affiliates, and (4) This document is intended for the use of the S.A. or its affiliates, and (5) This document is intended for the use of the S.A. or its affiliates, and (6) This document is intended for the use of the S.A. or its affiliates, and (7) This document is intended for the use of the S.A. or its affiliates, and (8) This document is intended for the use of the S.A. or its affiliates, and (9) This document is intended for the use of the S.A. or its affiliates, and (10) This document is intended for the use of the S.A. or its affiliates, and (11) This document is intended for the use of the S.A. or its affiliates, and (12) This document is intended for the use of the S.A. or its affiliates, and (13) This document is intended for the use of the S.A. or its affiliates, and (14) This document is intended for the use of the S.A. or its affiliates, and (15) This document is intended for the use of the S.A. or its affiliates, and (16) This document is intended for the use of the S.A. or its affiliates, and (17) This document is intended for the use of the S.A. or its affiliates, and (18) This document is intended for the use of the S.A. or its affiliates, and (19) This document is intended for the use of the S.A. or its affiliates, and (20) This document is intended for

(c) This document is intended for the use of the S.A. or its affiliates, and (2) This document is intended for the use of the S.A. or its affiliates, and (3) This document is intended for the use of the S.A. or its affiliates, and (4) This document is intended for the use of the S.A. or its affiliates, and (5) This document is intended for the use of the S.A. or its affiliates, and (6) This document is intended for the use of the S.A. or its affiliates, and (7) This document is intended for the use of the S.A. or its affiliates, and (8) This document is intended for the use of the S.A. or its affiliates, and (9) This document is intended for the use of the S.A. or its affiliates, and (10) This document is intended for the use of the S.A. or its affiliates, and (11) This document is intended for the use of the S.A. or its affiliates, and (12) This document is intended for the use of the S.A. or its affiliates, and (13) This document is intended for the use of the S.A. or its affiliates, and (14) This document is intended for

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(c) This document is intended for the use of the S.A. or its affiliates, and (2) This document is intended for the use of the S.A. or its affiliates, and (3) This document is intended for the use of the S.A. or its affiliates, and (4) This document is intended for

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for the use of the S.A. or

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Growth Stock Fund, Inc.

By /s/ David Oestreicher

David Oestreicher
involves financial and financial economic and political uncertainty and currency fluctuation.

1 The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC.

Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

T. Rowe Price Advisory Services, Inc. and T. Rowe Price Investment Services, Inc. are affiliated companies.

2 Brokerage accounts are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC.
Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ David Oestreicher

David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski

Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Growth
Stock Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Growth
Stock Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Growth Stock Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

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**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

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**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

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communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer